Market News

Milk futures mostly higher, cash dairy mixed

In Class III trade at the Chicago Mercantile Exchange, milk futures were mostly higher, with the most active months supported by follow through buying and expectations for declining production during the latter half of the year. August was down $.04 at $16.96, most active September was up $.18 at $17.91, October was $.21 higher at $17.65, and November was up $.16 at $17.16.

Over in the spot market, cash cheese blocks were up $.045 at $1.865. There were a total of 10 trades reported. The last uncovered offer was for one load at $1.87. Barrels held at $1.865.

Butter was down $.0025 at $2.20. The last unfilled bid was on one load at $2.1925. The last uncovered offer was for one load at $2.20.

Nonfat dry milk was unchanged at $.865. There were three trades at that price. The last uncovered offer was for one load, also at $.865.

The USDA says the base Class I price for September is $16.56 per hundredweight, up $1.49 from August, with a base skim price of $8.17, $2.01 higher.

For the week ending August 13th, the USDA says butter averaged $2.22 per pound, up three tenths of a cent on the week. 40 pound blocks were pegged at $1.73, 3.5 cents higher, and 500 pound barrels averaged $1.84, up 3.2. Dry whey came out at $.283, unchanged, and nonfat dry milk averaged $.853, four tenths of a cent higher.