Market News

Milk futures mostly lower, cash butter higher

Class III milk futures at the Chicago Mercantile Exchange were mostly lower on profit taking and spread trade. August was down $.02 at $16.65, September was $.08 lower at $16.91, October was down $.05 at $17.10, and November was up $.01 at $17.08.

Cash cheese blocks were up $.015 at $1.71. Three loads were sold, including one at $1.71. The last unfilled bid was on one load at $1.7025. The last uncovered offer was for one load at $1.71. Barrels were unchanged at $1.485. 10 loads were sold, three at $1.485 and seven at $1.4825. The last unfilled bid was on one load at $1.44. The last uncovered offer was for one load at $1.485.

Butter was $.03 higher at $2.645. Three loads were sold, one each at $2.6475, $2.65, and $2.6425. The last unfilled bid was on two loads at $2.645. The last uncovered offer was for two loads at $2.65.

Nonfat dry milk was steady at $.8525. Four loads were sold, two at $.8525 and two at $.86. The last unfilled bid was on seven loads at $.8525.

The Global Dairy Trade auction index was 0.2% higher at $3,387 per ton. Butter gained 3.4% and rennet casein was up 2.4%, while skim milk powder was 3.2% lower and lactose was down 1.8%. Butter milk powder was not offered. HighGround Dairy calls the numbers bullish for butter and cheddar, bearish for lactose, and neutral for the other categories. The next event is scheduled for Tuesday, August 1st.