Market News

Milk futures lower, cash dairy mixed

Class III futures at the Chicago Mercantile Exchange were down on profit taking. May was down $.01 at $15.62, June was $.11 lower at $16.37, July was down $.15 at $16.83, and August was $.13 lower at $17.27.

Cash cheese blocks were unchanged at $1.67. One load was sold at $1.67. The last uncovered offer was on one load at $1.68. Barrels were $.04 lower at $1.50. Three loads were sold, one at $1.505 and two at $1.5025. The last uncovered offer was for one load at $1.50.

Butter was down $.085 at $2.345. Three loads were sold, all at $2.345. The last unfilled bid was on one load at $2.335. The last uncovered offer was for one load at $2.3725.

Nonfat dry milk was up $.015 at $.8975. A total of 17 loads were sold, including seven at $.8975. The last unfilled bid was on one load, also at $.8975. The last uncovered offer was for one load at $.9025.

The USDA says cash butter for the week ending May 13th averaged $2.12 per pound, up $.013 on the week. 40 pound blocks came out at $1.54, $.012 higher. 500 pound barrels averaged $1.47, up $.01. Dry whey was pegged at $.508, down $.009. Nonfat dry milk averaged $.86, $.004 lower.

According to HighGround Dairy, 28 of the European Union’s member states exported a record amount of skim milk powder in March 2017, with Algeria the leading buyer. Cheese and whey exports were also new monthly records. The U.S. was the top destination for E.U. cheese sales and the rise in whey was tied to higher demand from Southeast Asia and China. HighGround adds preliminary March 2017 milk production numbers for the E.U. were mixed, with Germany 2.3% lower than March 2016 and France down 1.2%, while the Netherlands were up 0.7%, Ireland was 3.9% higher, and Poland jumped 5.2%.