Market News

Milk futures lower, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange were down on technical selling and demand uncertainties with the USDA’s next monthly dairy product production report out Thursday afternoon. May was down $.01 at $15.32, June was $.14 lower at $15.41, July was down $.07 at $15.96, and August was $.04 lower at $16.40.

Cash cheese blocks were unchanged at $1.48. The last unfilled bid was for one load at $1.48. Barrels were $.015 lower at $1.40. 24 loads were sold, including seven at $1.40 and seven at $1.415. The last unfilled bid was on ten loads at $1.40.

Butter was $.005 higher at $2.12. Four loads were sold, three at $2.115 and one at $2.12. The last unfilled bid was on one load at $2.105. The last uncovered offer was for one load at $2.12.

Nonfat dry milk was steady at $.8525. Three loads were sold, two at $.8475 and one at $.8525. The last unfilled bid was on one load at $.85.

The USDA reports cash butter for the week ending April 29th averaged $2.09 per pound, down $.02 on the week. 40 pound blocks of cheddar came out at $1.51, up $.011. 500 pound barrels averaged $1.46, $.009 lower. Dry whey was pegged at $.526, $.015 higher. Nonfat dry milk averaged $.847, up $.001.

According to HighGround Dairy, milk production in the United Kingdom, for the week ending April 22nd, was up 3.0% on the year, while production in France, for the week ending April 23rd, was down 2.7%.