Market News

Milk futures higher, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange were supported by an oversold bounce. Also, while cheese stocks in cold storage were up, the monthly out movement was larger than average, implying good demand. August was up $.30 at $16.31, September was $.34 higher at $16.73, October was up $.26 at $16.97, and November was $.18 higher at $17.00.

Cash cheese blocks were unchanged at $1.7075. The last uncovered offer was for one load at $1.74. Barrels were $.0475 higher at $1.4575. Six loads were sold, including one at $1.4575. The last unfilled bid was on one load at $1.43. The last uncovered offer was for one load at $1.46.

Butter was up $.005 at $2.59. Two loads were sold at $2.59. The last unfilled bid was on one load at $2.565. The last uncovered offer was for one load at $2.60.

Nonfat dry milk was down $.005 at $.865. One load was sold at $.865. The last unfilled bid was on two loads at $.8625. The last uncovered offer was for two loads at $.89.

Cooperatives Working Together announced the acceptance of five requests for export assistance covering 1.4 million pounds of Cheddar cheese. The product is headed to Asia, the Middle East, and Oceania with delivery scheduled for July through October.