Market News

Milk futures, cash dairy mostly higher

Class III milk futures at the Chicago Mercantile Exchange were mostly modestly higher on spread trade and oversold signals. April was down $.05 at $15.41, May held at $15.73, June was down $.01 at $16.00, and July was up $.02 at $16.52. August through December 2017 contracts were also firm.

Cash cheese blocks were $.02 higher at $1.45. There were two loads sold, one at $1.45 and one at $1.44. The last unfilled bid was on one load at $1.43. The last uncovered offer was for one load at $1.46. Barrels were up $.02 at $1.41. There were four loads sold, one at $1.41 and three at $1.43. The last uncovered offer was for one load at $1.41.

Butter held at $2.12. The last unfilled bid was on one load at $2.11. The last uncovered offer was for one load at $2.135.

Nonfat dry milk was $.0175 higher at $.8225. There were three loads sold, one at $.82, one at $.81, and one at $.8175. The last unfilled bid was on one load at $.8225. The last uncovered offer was for one load at $.8375.

The USDA has set the base Class I milk price for April 2017 at $16.05 per hundredweight, down $.85 from March. The skim price is $7.75, $.90 lower.

The USDA says cash butter for the week ending March 18th averaged $2.20 per pound, up $.007 on the week. 40 pound blocks of cheddar came out at $1.54, down $.051. 500 Pound barrels averaged $1.53, $.067 lower. Dry whey was pegged at $.526, $.006 higher. Nonfat dry milk averaged $.852, up $.003.

California’s Department of Food and Agriculture says nonfat dry milk for the week ending March 17th averaged $.8425, up $.0088 on the week. Sales of 18,747,522 pounds were 2,324,314 higher.

According to HighGround Dairy, milk production in the United Kingdom during the week ending March 11th was 1.9% below last year’s levels and French milk production for the week ending March 12th was 1.3% lower. German milk production for the week ending March 5th declined 2.8%.