Market News

Milk futures higher, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange were supported by follow through technical buying. August was $.07 higher at $16.45, September was up $.13 at 416.91, October was $.11 higher at $17.10, and November was up $.11 at $17.15.

Cash cheese blocks were up $.0075 at $1.715. One load was sold at $1.7075. The last unfilled bid was on one load at $1.715. Barrels were unchanged at $1.46. Five loads were sold at $1.46. The last unfilled bid was on two loads at $1.43. The last uncovered offer was for one load at $1.46.

Butter was $.0625 higher at $2.67. 13 loads were sold, including three at $2.67, three at $2.665, and four at $2.65. The last unfilled bid was on one load at $2.665. The last uncovered offer was for two loads at $2.675.

Nonfat dry milk was $.0075 lower at $.8525. Eight loads were sold, including four at $.8525. The last unfilled bid was on two loads at $.8525. The last uncovered offer was for three loads at $.87.

New Zealand’s Fonterra announced an increase in its 2018 Farmgate Milk Price, along with a higher earnings outlook for 2017/18. HighGround Dairy says New Zealand had a trade surplus in June, primarily because of dairy exports.