On the Chicago Mercantile Exchange milk futures continued higher for the week while cash markets were mixed as butter stocks provide some pressure. Class III milk liked what it saw and rallied across the board. January gained 2 to $17.05, February gained 26 to $17.80, and March gained 19 to $17.95. Second half of 2020 gained 4-16 cents and is averaging at $18.00 even for July – December. Class IV didn’t fare as well, Jan fell 2 to $16.71, Feb fell 17 to $16.95 and March fell 7 to $17.42.
Dry whey down $0.0050 at $0.3575. Three sales were made at that price. Blocks up $0.0375 at $2.0025. Two trades were made at $2.0075 and $2.0150. Barrels up $0.0275 at $1.6250. Six trades were made ranging from $1.62 to $1.6250. Butter down $0.0150 at $1.8650. One trade was made at that price. Nonfat dry milk up $0.0025 at $1.2975. Nine trades were made ranging from $1.2959 to $1.30. The USDA says cheese stocks are declining slightly while butter inventories are building over year-ago levels. Cheese stocks totaled more 1.3 billion pounds, down half of percent on the month and two percent on the year. Natural cheeses are down more than seven percent while American and other types of cheese are up five percent from last year. Butter inventories were up five percent from November and up almost six percent from last year at more than 190 million pounds.