Market News

Milk futures, cash cheese sharply higher

Class III milk futures at the Chicago Mercantile Exchange were higher on technical and commercial buying. February was up $.25 at $16.99, March was $.25 higher at $17.40, April was up $.18 at $17.52, and May was $.20 higher at $17.54.

Cash cheese blocks were $.10 higher at $1.85. There was one load sold at $1.85. Barrels were up $.12 at $1.6975. There were two loads sold, one at $1.6975 and one at $1.5775.

Butter was $.06 lower at $2.18. There were four loads sold, including one at $2.18. The last unfilled bid was on two loads at $2.16.

Nonfat dry milk was up $.0025 at $.95. The last unfilled bid was on one load at $.95. The last uncovered offer was for one load at $.9675.

The USDA says the January 2017 Class II milk price was $16.36, up $1.10 from December 2016. The Class III price was $16.77, down $0.63. The Class IV price was $16.19, $1.22 higher.

Cooperatives Working Together announced the acceptance of 13 requests for export assistance from member cooperatives. That covers 989,876 pounds of Cheddar and Monterey Jack cheeses and 1.102 million pounds of butter. Those products are headed to Asia, the Middle East, and North Africa with delivery scheduled for January through April.