Milk futures lower, cash dairy mixed
Milk futures on the Chicago Mercantile took note of declining global trade reports and ended Tuesday lower while cash trade was mixed.
March Class III milk down three cents at $16.34. April down 20 cents at $16.08. May a dime lower at $16.28. June down eight cents at $16.49. July through October contracts one to 11 cents lower.
Dry whey down unchanged at $0.3350.
Blocks down $0.0050 at $1.7625. Two sales were made at $1.7575 and $1.7625.
Barrels down $0.0475 at $1.5375. Four trades were made at that price.
Butter up $0.03 at $1.86. Two sales were made at $1.85.
Nonfat dry milk up $0.03 at $1.14. Nine trades were made ranging from $1.1325 to $1.14.
The Global Dairy Trade auction index in New Zealand continued lower as global markets continue to react to coronavirus fears. The index declined 1.2 percent to $3,112 per ton. Butter milk powder had the largest decline, down 4.8 percent, followed by cheddar, down 4.7 percent, and skim milk powder, down 3.2 percent. Gains were seen in lactose, butter and rennet casein.