Market News

Milk futures, cash dairy lower

Milk futures on the Chicago Mercantile Exchange were again limit down Wednesday pressured by declining global markets and significant declines in cash trade ahead of a bearish dairy product report.

August Class III milk down a dollar to $19.28.  September down $1.50 at $16.67.  October 89 cents lower at $16.81.  November 51 cents lower at $16.46.  December through February contracts 26 to 28 cents lower.

Dry whey unchanged at $0.33. 

Blocks down $0.1475 at $1.93.  Thirteen sales were made ranging from $1.93 to $2.05.

Barrels down $0.2050 at $1.8150.  Five trades were made at $1.8150 and $1.87.

Butter down $0.1550 at $1.4250.  Twenty-five trades were made ranging from $1.4250 to $1.50.

Nonfat dry milk down $0.02 at $0.9450. 

The Global Dairy Trade auction index in New Zealand posted one of the post significant declines since the beginning of the year. The index dropped more than five percent to $3,045 per ton. Nearly a six percent gain in lactose and three percent increase in anhydrous milk fat was offset by declines in whole milk powder, -7.5 percent, butter milk powder, -6.5 percent, and cheddar, -5.3 percent.  Skim milk powder and butter were also down at the biweekly event.