Market News

Milk futures, cash dairy lower

Milk futures on the Chicago Mercantile Exchange closed lower Tuesday following lower trade in cash markets and a selloff in commodities.

June Class III milk unchanged at $17.25. July down 34 cents at $17.13. August down 37 cents at $17.97. September 27 cents lower at $18.47. October through December contracts eight to 21 cents lower.

Dry whey down $0.0225 at $0.62. One sale was made at $0.60.

Blocks unchanged at $1.5050.

Barrels down $0.0075 at $1.6575.

Butter down $0.0175 at $1.8050. One trade was made at that price.

Nonfat dry milk down $0.0275 at $1.28. Eight sales were made from $1.2775 to $1.2850.

The Global Dairy Trade index in New Zealand on Tuesday had its largest decline since March, down 1.3 percent. Whole milk powder was down 1.8 percent, followed by declines in butter and skim milk powder. Anhydrous milk fat, lactose, and cheddar only posted fractional gains.