meta Bearish USDA Milk Production Report Drives Futures Higher In Chicago Tuesday :: The Bullvine - The Dairy Information You Want To Know When You Need It

Bearish USDA Milk Production Report Drives Futures Higher In Chicago Tuesday


On the Chicago Mercantile Exchange milk futures closed higher Tuesday ahead of a bearish milk production report. The USDA reports that the US saw an increase of 2000 cows since December, though a total of 83,000 cows left the herd in 2018. These numbers, however, resulted from sweeping adjustments made to every month previously reported in 2018.  Milk production per cow increased 1.8% above a year ago to 1,988 lbs per cow. This gain helped drive 2018 to an overall growth of 1% in milk production over 2017 production numbers. 

Class III milk up 14-18 cents in the second quarter to finish with a quarter average at $15.26/cwt. Second half saw more moderate gains. Finishing the day averaging $16.27.  March Class III milk down a penny at $14.92. April up 18 cents at $14.98. May 18 cents higher at $15.25. June up 14 cents at $15.55. July through November contracts were a penny to 14 cents higher.

Dry whey unchanged at $0.34. Blocks unchanged at $1.52. Barrels up $0.0350 at $1.4025. One trade was made at that price. Butter up $0.0125 at $2.28. Two trades were made at $2.2775 and $2.28. Nonfat dry milk down $0.0125 at $0.9625.


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