In Class III trade at the Chicago Mercantile Exchange, milk futures were lower in a continued technical reversal that started last week. August was down $.03 at $16.91, September was $.35 lower at $17.10, October was down $.27 at $17.01, and November was down $.19 at $16.65.
Over in the spot market, cash cheese continued its slide, related to the recent cold storage numbers. Even with the USDA’s purchase announced earlier this week, there is plenty of cheese available. Blocks were down $.0425 at $1.7375. There were two loads sold at that price. The last uncovered offer was for one load at $1.75. Barrels were $.03 lower at $1.75. There was one load sold at $1.7625. The last unfilled bid was on one load at $1.73. The last uncovered offer was for one load at $1.75.
Butter was unchanged at $2.0775. The last unfilled bid was on one load at that price. The last uncovered offer was for one load at $2.13.
Nonfat dry milk was steady at $.8475. There were a total of seven loads sold, six of them at the closing price. The last unfilled bid was on one load at $.84. The last uncovered offer was for one load at $.8525.
According to HighGround Dairy, New Zealand’s Fonterra raised its $4.75 per kilogram, about $10.45 per pound. That raised the available payout to farmers to $11.55 to $11.77, before retention. Whole milk futures in New Zealand broke the $3,000 per ton level for the first time in more than a year.
HighGround says Chinese dairy import volumes during July were mixed, when compared to a year ago. Whole milk powder, butter, infant formula, fluid milk & cream, and cheese gained. Skim milk powder, combined whole and skim milk powders, whey products, whey protein concentrate, and lactose were down on the year.
Dairy cattle slaughtered under federal inspection during July totaled 213,300 head, a little bit less than a year ago. The year to date kill is 1.7 million head. The average dressed weight of all cows was 637 pounds, 4 pounds less than last year. That’s also below the 2016 average of 649 pounds.
Source: Brownfield Ag News
