Market News

Milk futures, cash cheese lower

In Class III trade at the Chicago Mercantile Exchange, milk futures were lower, with several months down sharply, on follow through selling and demand concerns. August was $.02 lower at $16.94, September was down $.30 at $17.45, October was $.15 lower at $17.28, and November was down $.20 at $16.84.

In the spot market, cash cheese was sharply lower, responding to the recent bearish cold storage report. Blocks were down $.065 at $.178. There were a total of six trades, including two at the closing price. Barrels were $.085 lower at $1.78 with one trade at that price. The last unfilled bid was on one load at $1.77.

Butter was down $.03 at $2.0775. There were five loads sold, one at the closing price. The last unfilled bid was on one load, also at $2.0775.

Nonfat dry milk was unchanged at $.8475. There was one load sold at $.85. The last unfilled bid was on one load at $.84. The last uncovered offer was for one load $.8475.

The USDA says butter for the week ending August 20th averaged $2.25 per pound, up 2.8 cents on the week. 40 pound blocks of cheddar was pegged at $1.77, 4.1 cents higher, and 500 pound barrels averaged $1.88, up 3.8. Dry whey came out at $.281, down two tenths of a cent. Nonfat dry milk averaged $.867, 1.4 cents higher.

California’s Department of Food and Agriculture reports nonfat dry milk for the week ending August 19th averaged just over $.84, down about a penny on the week. Sales were 3.4 million pounds.