Market News

Milk futures, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange were mostly lower on spread trade, follow through selling, and demand uncertainties. August was up $.02 at $16.53, most active September was down $.06 at $17.13, October was $.11 lower at $17.00, and November was down $.08 at $16.90.

The spread between cash cheese blocks and barrels has inverted from its usual alignment for the first time since mid-March. Blocks were down $.0125 at $1.7425. Two loads were sold, one at $1.7425 and one at $1.74. The last uncovered offer was for one load at $1.75. Barrels were up $.01 at $1.76. The last unfilled bid was on one load at $1.76.

Butter was $.0175 lower at $2.6275. One load was sold at $2.6275. The last uncovered offer was for one load at $2.6325.

Nonfat dry milk was unchanged at $.8325. The last unfilled bid was on two loads at $.8275.

Cooperatives Working Together announced the acceptance for 1 export assistance from a member co-op, covering 88,185 pounds of Cheddar cheese, headed to Central America. Delivery is scheduled for September through November 2017.