Market News

Milk futures mostly higher, cash dairy mostly lower

Class III milk futures at the Chicago Mercantile Exchange were steady to mostly higher following the higher Global Dairy Trade event. May was up $.01 at $15.33, June was $.07 higher at $15.55, July was up $.01 at $16.03, and August held at $16.44.

Cash cheese blocks were unchanged at $1.48. The last uncovered offer was for one load at $1.48. Barrels were $.0025 lower at $1.415. Two loads were sold at $1.415. The last uncovered offer was for one load, also at $1.415.

Butter was $.0225 higher at $2.115. Three loads were sold, including one at $2.115. The last unfilled bid was on one load at $2.11. The last uncovered offer was for one load at $2.12.

Nonfat dry milk was down $.0075 at $.8525. Three loads were sold, one at $.8525 and two at $.845. The last unfilled bid was on one load at $.84. The last uncovered offer was for one load at $.86.

The Global Dairy Trade index was up 3.6% at an average of $3,166 per ton, the fourth consecutive event with a higher finish. Butter milk powder surged 21.8% higher and rennet casein jumped 10.4%. Skim milk powder was the only lower sector, down 0.9%. The next event is scheduled for May 16th.

Cooperatives Working Together announced the acceptance of four requests for export assistance from member coops covering 493,836 tons of Cheddar and Monterey Jack cheeses. The products are headed to Asia with delivery slated for April through July 2017.