In Class III trade at the Chicago Mercantile Exchange, milk futures were up with contracts seeing a bounce after the recent losses. The bearish supply and demand outlook has not changed. May was up $.08 at $13.21, June was $.07 higher at $13.35, July was up $.05 at $13.58, and August was $.06 higher at $14.22.
Over in the spot market, cash cheese was higher. Barrels were up $.035 at $1.415 with one load sold. The last offer uncovered was for one load at that price. Blocks were $.005 higher at $1.3675. There were two loads sold, one at $1.365 and one at $1.3675. The last bid unfilled was on one load at $1.365. The last offer uncovered was for one load at $1.375.
Butter was two cents higher at $2.06 with one load sold. The last bid unfilled was on one load, also at $2.06.
Nonfat dry milk was unchanged at $.775 with three loads sold. The last bid unfilled was on one load at $.765. The last offer uncovered was for two loads at $.775.
The USDA reports U.S. cheese production during 2015 was 11.838 billion pounds, up 2.8% from 2014. Nearly every category posted at least a 2% year to year gain. Butter production, at 1.858 billion pounds, was down slightly on the year.
