Market News

Milk futures higher, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange were up on an oversold bounce. May was up $.18 at 15.50, June was $.28 higher at $15.64, July was up $.25 at $16.10, and August was $.24 higher at $16.49.

Cash cheese blocks were $.02 lower at $1.5225. The last uncovered offer was for one load at $1.5225. Barrels were unchanged at $1.42. One load was sold at $1.42. The last uncovered offer was for one load, also at $1.42.

Butter was $.0225 higher at $2.12. Four loads were sold, including one at $2.12. The last unfilled bid was on one load at $2.11. The last uncovered offer was for two loads at $2.125.

Nonfat dry milk was up $.025 at $.8775. A total of 21 loads were sold, one at $.8775, five at $.885, seven at $.8825, and eight at $.88. The last unfilled bid was on two loads at $.875. The last uncovered offer was for three loads at $.88.

The USDA says that during March, the dairy prices received index was 86.1, down 6.4% from February, but up 13% from March 2016. The all milk price was $17.30, $1.20 lower than the previous month, but up $2.00 on the year.