Market News

Milk futures, cash dairy mixed

Class III futures at the Chicago Mercantile Exchange were mostly higher on spread trade and expectations for a slowdown in milk production. June was down $.07 at $16.37, July was unchanged at $16.86, August was up $.05 at $17.22, and September was $.03 higher at $17.38.

Cash cheese blocks were unchanged at $1.665. Two loads were sold at $1.665. The last uncovered offer was for one load, also at $1.665. Barrels were $.0325 lower at $1.425. Nine loads were sold, including three at $1.425 and three at $1.445. The last unfilled bid was on three loads at $1.415. The last uncovered offer was for two loads at $1.43.

Butter was $.01 higher at $2.525. Eight loads were sold, including one at $2.525. The last unfilled bid was on one load at $2.52. The last uncovered offer was for one load at $2.5275.

Nonfat dry milk was down $.025 at $.92. Two loads were sold at ninety two. The last unfilled bid was on two loads at $.915. The last uncovered offer was for one load at $.945.

The Global Dairy Trade index was up 0.6% at $3,395 per ton. The index has gained for five events in a row, but that relatively small increase may be a sign the rally has run out of steam, for now. Cheddar jumped 14.5% and skim milk powder was 7.9% higher, while whole milk powder was down 2.9% and anhydrous milk fat was down 1.2%. The next event is scheduled for June 20th.