Market News

Milk futures sharply lower, cash cheese steady

Class III milk futures at the Chicago Mercantile Exchange were lower Tuesday, pressured by Monday’s bearish cold storage numbers, including a new March record for all cheese and a year to year increase in butter stocks. May was $.29 lower at $15.32, June was down $.43 at $15.42, July was $.33 lower at $15.89, and August was down $.33 at $16.26.

Cash cheese blocks were unchanged at $1.5525. The last uncovered offer was for one load at $1.5525. Barrels were steady at $1.4275. The last uncovered offer was for one load at $1.4275.

Butter was $.0625 higher at $2.1375. 10 loads were sold, including four at $2.12 and one at $2.1375. The last unfilled bid was on one load at $2.10. The last uncovered offer was for one load at $2.1375.

Nonfat dry milk was up $.0075 at $.8525. The last unfilled bid was on two loads at $.8525.

California’s Department of Food and Agriculture says nonfat dry milk for the week ending April 14th averaged $.8527 per pound, down $.021 on the week. Sales of 17,894,945 pounds were up 11,446,687.