Market News

Milk futures, cash dairy mostly higher

Class III milk futures at the Chicago Mercantile Exchange were mostly higher on spread trade and oversold signals, ahead of the USDA’s monthly supply and demand report. March was down $.07 at $15.88, April was up $.14 at $16.13, May was $.13 higher at $16.25, and June was up $.16 at $16.45.

Cash cheese blocks were $.02 lower at $1.44. There were three loads sold, including one at $1.44. The last unfilled bid was on one load, also at $1.44. The last uncovered offer was for one load at $1.45. Barrels were $.02 higher at $1.45. There were a total of seven loads sold, including one at $1.45 and two at $1.44. The last unfilled bid was on one load at $1.42. The last uncovered offer was for one load at $1.46.

Butter was up $.03 at $2.1975. There was one load sold at $2.1975. The last uncovered offer was for one load at $2.20.

Nonfat dry milk was $.01 higher at $.81. The last unfilled bid was on one load at $.81. The last uncovered offer was for one load at $.83.

The USDA reports cash butter for the week ending March 4th averaged $2.16 per pound, up $.018 on the week. 40 pound blocks of cheddar came out at $1.64, down $.036. 500 pound barrels averaged $1.66, $.024 lower. Dry whey was pegged at $.513, $.008 higher. Nonfat dry milk averaged $.927, $.029 lower.

California’s Department of Food and Agriculture says nonfat dry milk for the week ending March 3rd averaged $.9258 per pound, down $.0361 from the previous week. Sales were 6,173,797 pounds, up 1,101,268.