Market News

Milk futures mostly higher, cash cheese lower

Class III milk futures at the Chicago Mercantile Exchange were mostly higher, with the most active months seeing a bounce after the recent mostly sharply lower trend. March was up $.06 at $15.95, April was $.16 higher at $15.99, May was up $.14 at $16.12, and June was $.13 higher at $16.29.

Cash cheese blocks were $.02 lower at $1.46. There was one load sold at $1.46. The last uncovered offer was for one load at $1.47. Barrels were down $.0075 at $1.43. There were a total of 16 loads sold, including 13 at $1.43. The last unfilled bid was on one load at $1.43. The last uncovered offer was for one load at $1.435.

Butter was $.02 higher at $2.1675. There was one load sold at $2.18. The last unfilled bid was on one load at $2.16. The last uncovered offer was for one load at $2.1675.

Nonfat dry milk was $.005 lower at $.80. There were eight loads sold, with three at $.80, four at $.7975, and one at $.8025. The last unfilled bid was on one load at $.7925. The last uncovered offer was for one load at $.95.

The Global Dairy Trade auction index was down 6.3% at $3,512 per ton, lower for the second consecutive event. Decliners led advancers by a pretty wide margin, including a 15.5% drop in skim milk powder and 12.4% loss in whole milk powder. Butter milk powder was up 8.4% and butter was 1.2% higher. The next event is scheduled for March 21st.

Cooperatives Working Together announced the acceptance of 23 bids for export assistance from member coops. That covers 4.616 million pounds of Cheddar and Monterey Jack cheeses headed to Asia, Central America, North Africa, and Oceania. Delivery is scheduled for March through June of this year.