Market News

Milk futures down, cash dairy steady to lower

In Class III trade at the Chicago Mercantile Exchange, milk futures were lower on profit taking and technical selling, giving back Tuesday’s gains, and in many months, a little bit more. September was down $.14 at $16.46, October was $.04 lower at $16.58, November was down $.08 at $16.31, and December was $.07 lower at $16.00.

In the spot market, cash cheese blocks were down $.03 at $1.68. The last uncovered offer was for one load at that price. Barrels were steady at $1.625. The last unfilled bid was on one load at that price.

Butter was $.03 lower at $2.08. There were two trades, one at $2.06 and one at $2.08. The last unfilled bid was on one load at $2.07. The last uncovered offer was for one load at $2.10.

Nonfat dry milk was unchanged at $.855. The last unfilled bid was on three loads at $.85. The last uncovered offer was for one load at $.865.

California’s Department of Food and Agriculture says for the week ending August 26th, nonfat dry milk averaged $.85 per pound, up eight tenths of a cent on the week. Sales of 6.4 million pounds were more than three million higher than the week before.