In Class III trade at the Chicago Mercantile Exchange, milk futures were lower under continued pressure from the bearish supply and demand outlook. May was down $.08 at $12.95, June was $.07 lower at $12.92, July was down $.19 at $13.12, and August was $.19 lower at $13.80.
Over in the spot market, cash cheese was lower. Barrels were down $.03 at $1.37. There were three loads sold, including one at the closing price. The last offer uncovered was for one load at $1.375. Blocks were $.02 lower at $1.34. There were four loads sold with two at the closing price. The last offer uncovered was for one load at $1.3425.
Butter was down $.035 at $2.025 with one load sold.
Nonfat dry milk was up $.0025 at $.75. There were a total of four loads sold, including three at the closing price. The last bid unfilled was on one load at $.73. The last offer uncovered was for one load at $.75.
After two weeks in a row of gains, the Global Dairy Trade Index was down 1.4% at an average price of $2,203 per ton. The world dairy market’s also looking at a lot of available supply. Butter and butter milk powder were both 5.5% lower, with skim milk powder down 3.6%, lactose 2.7% lower, and anhydrous milk fat down 1.6%. Rennet casein, cheddar, and whole milk powder posted gains. The next auction is scheduled for Tuesday, May 17th.
Cooperatives Working Together announced the acceptance of seven requests for export assistance. That covers 1.2 million pounds of Cheddar cheese and more than 130,000 pounds of whole milk powder. The products are headed to Asia, Central America, and Oceania between May through July of this year. So far this year, the CWT has assisted on exports of more than 18 million pounds of American-type cheeses, 7.7 million pounds of butter, and 20 million pounds of whole milk powder.
Source: Brownfield Ag News
