Market News

Milk futures mostly higher, cash cheese steady

Class III milk futures at the Chicago Mercantile Exchange were mostly higher on an oversold bounce. The USDA did lower the 2017 U.S. milk production estimate, but also lowered all milk price projections and most product outlooks, citing international competition. April was $.04 higher at $15.14, May was up $.21 at $15.23, June was $.14 higher at $15.32, and July was up $.06 at $15.88.

Cash cheese blocks were unchanged at $1.46. Barrels held at $1.4275. 10 loads were sold, all at $1.4275. The last uncovered offer was for three loads at $1.43.

Butter was $.0125 higher at $2.09. One load was sold at $2.09, along with one at $2.0875. The last unfilled bid was on one load at $2.085. The last uncovered offer was for one load at $2.105.

Nonfat dry milk was up $.015 at $.825. The last unfilled bid was on one load at $.825. The last uncovered offer was for one load at $.81.