Market News

Milk futures mostly lower, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange were mostly lower, with the most active months down on demand concerns and follow through selling. August was up $.01 at $16.53, while September was down $.20 at $16.72, October was $.16 lower at $16.63, and November was down $.09 at $16.59.

Cash cheese blocks were $.02 lower at $1.70. Three loads were sold, including one at $1.70. Barrels were down $.065 at $1.655. Four loads were sold, including one at $1.655. The last uncovered offer was for one load, also at $1.655.

Butter was $.04 higher at $2.61. Two loads were sold, one at $2.61 and one at $2.6075. The last unfilled bid was on one load at $2.60. The last uncovered offer was for one load at $2.6175.

Nonfat dry milk was up $.0175 at $.845. One load was sold at $.845. The last unfilled bid was on one load at $.8375. The last uncovered offer was for one load at $.85.

The USDA says the September 2017 base Class I price is $16.71 per hundredweight, down $.01 from August 2017 and the skim price is $6.33, $.22 lower.

The USDA reports cash butter for the week ending August 19th averaged $2.68 per pound, up $.004 on the week. 40 pound blocks of cheddar came out at $1.74, $.005 higher. 500 pound barrels averaged $1.57, up $.021. Dry whey was pegged at $.432, down $.001. Nonfat dry milk averaged $.875, $.007 lower.

According to HighGround Dairy, milk production in the United Kingdom for the week ending August 12th was up 2.2% on the year, while production in France for the week ending August 13th was down 2.3%.