Market News

Milk futures, cash dairy trade mostly higher

Milk futures on the Chicago Mercantile Exchange closed higher Tuesday supported by declining grain prices and strong global markets.

September Class III milk up nine cents at $16.73. October up 60 cents at $17.45. November 37 cents higher at $17.47. December up 21 cents at $17.63. January through March contracts 11 to 22 cents higher.

Dry whey up $0.02 at $0.5050. One sale was made at $0.50.

Blocks unchanged at $1.7350.

Barrels up $0.0375 at $1.43. One trade was made at $1.4150.

Butter down $0.01 at $1.7875. Fifteen trades were made from $1.7850 to $1.7975.

Nonfat dry milk up $0.02 at $1.36. Three trades were made at that price.

The Global Dairy Trade index in New Zealand on Tuesday posted its first gain in many months, up four percent. Skim milk powder led the categories higher, up 7.3 percent, followed by lactose, up 6.4 percent.