Market News

Milk futures higher, cash dairy mixed

In Class III trade at the Chicago Mercantile Exchange, milk futures bought back some of the recent losses. January was up $.02 at $16.80, February was $.09 higher at $17.00, March was up $.13 at $17.41, and April was $.15 higher at $17.61.

Cash cheese blocks were up $.0275 at $1.72. There were a total of nine trades reported, including three at $1.675, two at $1.71, and one at $1.72. The last uncovered offer was for one load at $1.73. Barrels were down $.045 at $1.565. There were sold loads sold, including two at $1.565 and two at $1.56. The last unfilled bid was on one load at $1.555.

Butter was a penny higher at $2.25. There was one load sold at $2.25. The last unfilled bid was on one load, also at $2.25.

Nonfat dry milk was $.0325 lower at $1.005. There were a total of seven loads sold, six at $1.005 and one at $1.02. The last unfilled bid was on one load at $.99.

The base Class I milk price for February is $16.73 per hundredweight, down $.72 from January, and the skim price is $8.20, $1.41 lower.

The USDA says butter for the week ending January 14th averaged $2.23 per pound, down $.041 on the week. 40 pound blocks of cheddar were pegged at $1.70, $.039 lower. 500 pound barrels averaged $1.64, down $.019. Dry whey came out at $.437, up $.012. Nonfat dry milk averaged $1.02, a penny higher.

California’s Department of Food and Agriculture reports nonfat dry milk for the week ending January 13th averaged $.999 per pound, up $.106 on the week and the seventh week in a row with a gain. Sales of 6,009,744 pounds were down 1,120,973 from the week before.