Market News

Milk futures higher, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange were up on follow through buying and expectations for lower intakes as temperatures rise. July was $.04 higher at $15.72, August was up $.14 at $16.66, September was $.14 higher at $16.88, and October was up $.16 at $17.11.

Cash cheese blocks were $.015 higher at $1.555. One load was sold at $1.5525. The last unfilled bid was on three loads at $1.555. The last uncovered offer was for one load at $1.58. Barrels were $.0025 lower at $1.3675. Nine loads were sold, including two at $1.3675. The last unfilled bid was on five loads at $1.36. The last uncovered offer was for one load at $1.37.

Butter was down $.0725 at $2.5725. 15 loads were sold, including one at $2.5725. The last unfilled bid was on two loads at $2.5525. The last uncovered offer was for one load at $2.5725.

Nonfat dry milk was up $.0125 at $.8625. One load was sold at $.86. The last unfilled bid was on one load at $.8625. The last uncovered offer was for one load at $.87.

The USDA reports cash butter for the week ending July 1st averaged $2.56 per pound, up $.005 on the week. 40 pound blocks of cheddar came out at $1.64, down $.05. 500 pound barrels averaged $1.44, $.054 lower. Dry whey was pegged at $.473, down $.004. Nonfat dry milk averaged $.917, $.005 lower.

HighGround Dairy reports milk production in the United Kingdom for the week ending June 24th was down 0.1% on the year, while production in France for the week ending June 25% dropped 3.3%, with HighGround citing hot temperatures, which have also damaged France’s soft wheat and corn crops.