Market News

Milk futures higher, cash dairy mixed

Class III futures at the Chicago Mercantile Exchange were up modestly on an oversold bounce. June was $.02 higher at $16.23, July was up $.09 at $16.80, August was $.07 higher at $17.15, and September was up $.01 at $17.20.

Cash cheese blocks were $.02 higher at $1.665. Five loads were sold, including one at $1.665. The last uncovered offer was for one load at $1.67. Barrels were $.02 lower at $1.4625. The last uncovered offer was for one load at $1.4625.

Butter was up $.0175 at $2.38. Five loads were sold, including one at $2.38 and three at $2.3775. The last unfilled bid was on one load $2.38. The last uncovered offer was for one load at $2.385.

Nonfat dry milk was down $.0025 at $.9275. One load was sold at $.925. The last unfilled bid was on one load at $.9275. The last uncovered offer was for three loads at $.93.

The USDA says cash butter for the week ending May 20th averaged $2.19 per pound, up $.07 on the week. 40 pound blocks of cheddar were reported at $1.57, $.036 higher. 500 pound barrels averaged $1.49, up $.02. Dry whey came out at $.517, $.009 higher. Nonfat dry milk averaged $.871, up $.01.

Fonterra raised its 2016/17 New Zealand farmgate price, citing better international demand. HighGround Dairy reports milk production in France for the week ending May 14th was down 4.3%, while production in the United Kingdom for the week ending May 13th was up 0.3%.