Market News

Milk futures, cash cheese higher

In Class III trade at the Chicago Mercantile Exchange, milk futures were higher on an oversold bounce after the recent losses. October was up $.07 at $15.27, November was $.24 higher at $15.67, December was up $.24 at $15.51, and January was $.17 higher at $15.33.

Cash cheese barrels were up $.0025 at $1.5375. There were five loads sold, four at $1.535 and one at $1.5375. The last unfilled bid was on one load at $1.535. Barrels were $.02 higher at $1.48. There were a total of thirteen loads sold, mostly in one load increments, ranging from $1.445 to $1.48.

Butter was down $.015 at $1.92 with one load sold. The last unfilled bid was on one load at $1.85.

Nonfat dry milk was unchanged at $.955. The last unfilled bid was on one load at $.94.

For the week ending September 24th, the USDA says butter averaged $2.03 per pound, down $.031 on the week. 40 pound blocks of cheddar came out at $1.72, $.036 lower, and 500 pound barrels averaged $1.64, a drop of $.081. Dry whey was pegged at $.31, up three tenths. Nonfat dry milk averaged $.902, a half penny higher.

California’s Department of Food and Agriculture reports that for the week ending September 23rd, the state’s average nonfat dry milk price was just over $.87, up slightly on the week. Sales of 9 million pounds were down about 3.25 million pounds.

According to HighGround Dairy, European Union dairy prices for the week ending September 23rd were mostly steady to higher. EU milk production has declined recently and the United Kingdom’s cow cull in August was up 9% on the year.