Market News

Milk futures higher, cash dairy mixed

Milk futures on the Chicago Mercantile Exchange did a major reversal Thursday picking up most of the losses and then some of the prior day with cash cheese markets supporting.

October Class III milk up 15 cents at $21.63.  November 53 cents higher at $21.44.  December up 70 cents at $19.41.  January 51 cents higher at $17.60.  February through April contracts 20 to 41 cents higher.

Dry whey unchanged at $0.3750. 

Blocks up $0.0325 at $2.7725.  One trade was made at that price.

Barrels up $0.0950 at $2.4025.  Four sales were made ranging from $2.3450 to $2.3950.    

Butter down $0.0175 at $1.4350.  Six sales were made ranging from $1.4325 to $1.44. 

Nonfat dry milk down $0.0150 at $1.0975.  Thirteen trades were made ranging from $1.0975 to $1.1025.

The USDA says dairy stocks are down on the month with pandemic demand slowing butter movement compared to last year.

Cheese stocks during September totaled nearly 1.4 billion pounds, down one percent from August and 2019.

Butter inventories were down seven percent from last month but 18 percent higher than last year at almost 344 million pounds.