Market News

Milk futures, cash dairy higher

Milk futures on the Chicago Mercantile Exchange closed significantly higher Friday as the second round of COVID relief and more food box program buying shot strength through futures and cash markets.

September Class III milk up four cents at $16.29.  October 55 cents higher at $19.59.  November up 75 cents at $18.70.  December 52 cents higher at $17.51.  January through March contracts 12 to 35 cents higher.

Dry whey unchanged at $0.3550. 

Blocks up $0.2275 at $2.6275.  One trade was made at that price. 

Barrels unchanged at $1.6350.  One trade was made at that price

Butter up $0.0675 at $1.5975.  Twelve trades were made ranging from $1.56 to $1.60.

Nonfat dry milk up $0.01 at $1.06.  Seven trades were made at $1.0625 to $1.07.

Jim Mulhern, head of the National Milk Producers Federation, says this latest round of CFAP assistance will help many family dairy farmers suffering the economic impacts of COVID-19 and is urging lawmakers to make agriculture a priority in its next round of legislation addressing coronavirus.

Dairy farmers are eligible for $1.20-per-hundredweight on a farm’s production during the last nine months of 2020. For dairy beef, cattle inventory payments will also be made on bull calves and dairy steers, but not for breeding stock, at $55-per-head.