Market News

Milk futures, cash dairy steady to higher

Class III milk futures at the Chicago Mercantile Exchange were mostly higher on spread trade and follow through buying. May was up $.03 at $15.63, June was unchanged at $16.48, July was $.07 higher at $16.98, and August was up $.06 at $17.40.

Cash cheese blocks were $.035 higher at $1.67. Four loads were sold, including one at $1.67 and two at $1.66. Barrels were up $.01 at $1.54. 19 loads were sold, five at $1.54 and 14 at $1.53. The last unfilled bid was on two loads at $1.52. The last uncovered offer was for two loads at $1.54.

Butter was $.11 higher at $2.43. Eight loads were sold, including one at $2.43 and three at $2.42. The last unfilled bid was on one load at $2.42. The last uncovered offer was for one load at $2.44.

Nonfat dry milk was unchanged at $.8825. One load was sold at $.8825. The last unfilled bid was on one load, also at $.8825.

The Global Dairy Trade index gained for the fifth event in a row, up 3.2% to an average of $3,313 per ton. Rennet casein was down 3.7%, while anhydrous milk fat was 8.2% higher and butter jumped 11.2%. The next event is scheduled for June 6th.