Market News

Milk futures mostly lower, cash cheese steady

Class III milk futures at the Chicago Mercantile Exchange were mostly lower in fairly thin trade, consolidating ahead of the July 4th break. July was down $.05 at $15.67, August was $.11 lower at $16.47, September was down $.06 at $16.67, and October was down $.02 at $16.91.

Cash cheese blocks were unchanged at $1.525. One load was sold $1.525. The last uncovered offer was for one load at $1.53. Barrels were steady at $1.3525. The last unfilled bid was on two loads at $1.33. The last uncovered offer was for two loads at $1.3525.

Butter was up $.0025 at $2.645. One load was sold at $2.645. The last uncovered offer was for one load at $2.65.

Nonfat dry milk was down $.005 at $.84. 13 loads were sold, including three at $.84, nine at $.845, and one at $.8375. The last unfilled bid was on one load at $.84. The last uncovered offer was for two loads at $.86.

The next Global Dairy Trade event is scheduled for Tuesday, July 4th at 8 AM Eastern/7 AM Central. U.S. markets are closed for Independence Day, with futures and options trade set to reopen at 6 PM Eastern/5 PM Central Tuesday evening.