On the Chicago Mercantile Exchange milk futures closed higher on Tuesday supported by a slightly bullish Global Dairy Trade report. The Global Dairy Trade auction index in New Zealand continued higher for the eighth straight session. The index increased 1.9 percent from the last event at $3,324 per ton. Rennet casein was up nearly 10 percent and butter was up more than nine percent. Anhydrous milk fat was down more than three percent and skim milk powder was down 2.4 percent.
Strength in the Class III price was driven by the cheese market. March Class III milk up a penny at $14.93. April up 23 cents at $14.98. May 12 cents higher at $15.17. June up 10 cents at $15.48. July through November contracts were unchanged to nine cents higher.
Dry whey up $0.0050 at $0.3050. Five trades were made ranging from $0.3025 to $0.3075. Blocks up $0.0225 at $1.5825. Two trades were made at $1.5825 and $1.59. Barrels up $0.0175 at $1.51. Ten trades were made ranging from $1.4925 to $1.51. Butter down $0.0050 at $2.28. One trade was made at that price. Nonfat dry milk down $0.0050 at $0.9625. Seven trades were made ranging from $0.9550 to $0.9625.