Market News

Milk futures, cash dairy mostly higher

Class III milk futures at the Chicago Mercantile Exchange were mostly higher on near term demand expectations and spread trade. August was up $.07 at $16.38, September was $.05 higher at $16.78, October was up $.02 at $16.99, and November was $.04 higher at $17.04.

Cash cheese blocks were unchanged at $1.7075. The last unfilled bid was on one load at $1.70. The last uncovered offer was for one load at $1.7075. Barrels were $.0025 higher at $1.46. Four loads were sold at $1.46. The last unfilled bid was on one load at $1.4575. The last uncovered offer was for one load at $1.46.

Butter was up $.0175 at $2.6075. 14 loads were sold, 12 at $2.605 and one each at $2.6025 and $2.6075. The last unfilled bid was on one load at $2.6025. The last uncovered offer was for two loads at $2.61.

Nonfat dry milk was $.005 lower at $.86. One load was sold at $.86. The last unfilled bid was on one load, also at $.86. The last uncovered offer was for one load at $.8625.

The USDA reports cash butter for the week ending July 22nd averaged $2.59 per pound, down $.022 on the week. 40 pound blocks of cheddar came out at $1.59, $.001 lower. 500 pound barrels averaged $1.45, up $.032. Dry whey was pegged at $.441, $.006 lower. Nonfat dry milk averaged $.891, down $.012.

HighGround Dairy reports milk production in the United Kingdom for the week ending July 15th was up 0.7%, while production in France for the week ending July 16th was down 4.4%.