Milk futures steady to higher, cash dairy steady to lower
Class III futures at the Chicago Mercantile Exchange were mostly higher on spread trade, short covering, and the higher Global Dairy Trade index. April was unchanged at $15.24, May was $.07 higher at $15.21, June was up $.11 at $15.40, and July was $.09 higher at $15.89.
Cash cheese blocks were unchanged at $1.475. Barrels were $.0075 lower at $1.42. Four loads were sold, all at $1.42. The last uncovered offer was for two loads at $1.42.
Butter was down $.0125 at $2.0625. Five loads were sold, including one at $2.0625. The last unfilled bid was on one load at $2.06. The last uncovered offer was for one load at $2.07.
Nonfat dry milk was steady at $.85. The last unfilled bid was on one load at $.845. The last uncovered offer was for one load at $.86.
The Global Dairy Trade auction index was up 3.1% at an average $3,139 per ton, the third event in a row with a gain. Skim milk powder was 7.1% higher and cheddar cheese was up 6.0%, while rennet casein was down 3.8% and anhydrous milk fat was 0.5% lower. Butter milk powder was untested. The next event is scheduled for May 2nd.
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