Market News

Milk futures lower, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange were pressured by follow through selling and demand uncertainties. July was down $.06 at $15.91, August was $.04 lower at $16.69, September was down $.08 at $16.91, and October was $.07 lower at $16.91.

Cash cheese blocks were $.0375 lower at $1.56. Three loads were sold, two at $1.56 and one at $1.5975. The last uncovered offer was for one load at $1.56. Barrels were $.02 higher at $1.3575. 18 loads were sold, including two at $1.3575 and seven at $1.3475. The last unfilled bid was on one load at $1.34. The last uncovered offer was for one load at $1.3575.

Butter was down $.045 at $2.585. 10 loads were sold, including two at $2.585. The last unfilled bid was on one load at $2.585. The last uncovered offer was for one load at $2.60.

Nonfat dry milk was $.03 lower at $.86. Four loads were sold, all $.86. The last unfilled bid was on one load at $.855. The last uncovered offer was for four loads at $.8625.

The USDA set the base Class I milk price for July 2017 at $16.59 per hundredweight, up $1.28 from June 2017. The skim price is $7.32, $.02 lower.

The USDA reports cash butter for the week ending June 17th averaged $2.45 per pound, up $.065 on the week. 40 pound blocks of cheddar came out at $1.71, down $.01. 500 pound barrels of cheddar averaged $1.52, $.031 lower. Dry whey was pegged at $.493, down $.007. Nonfat dry milk averaged $.92, $.002 lower.

According to HighGround Dairy, milk production in the United Kingdom for the week ending June 10th was down 1.1% on the year and production in France for the week ending June 11th was 0.9% lower.