Market News

Milk futures higher, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange were supported by an oversold bounce and the USDA’s lower than a year ago milk production numbers for February. March was up $.04 at $15.76, April was $.36 higher at $15.46, May was up $.53 at $15.73, and June was $.40 higher at $16.01.

Cash cheese blocks were $.0275 higher at $1.43. There were eight loads sold, including four at $1.43. The last unfilled bid was on one load at $1.43. The last uncovered offer was for one load at $1.435. Barrels were up $.03 at $1.39. There were a total of 17 loads sold, including one at $1.39, five at $1.36, and six at $1.365. The last unfilled bid was on one load at $1.385. The last uncovered offer was for two loads at $1.40.

Butter was $.01 lower at $2.12. There was one load sold at $2.12. The last unfilled bid was on one load at $2.11.

Nonfat dry milk was unchanged at $.805. The last unfilled bid was on three loads at $.805. The last uncovered offer was for one load at $.8175.

The Global Dairy Trade index was up 1.7% at $3,101 per ton, bouncing back slightly after two consecutive lower events. Butter was up 4.9% and rennet casein was 3.6% higher, while skim milk powder dropped 10.1% and lactose was 2.7% lower. The next even is scheduled for April 4th.