Class III milk futures at the Chicago Mercantile Exchange were mostly higher with nearby months up on spread trade and oversold signals. February was up $.02 at $16.87, March was $.05 higher at $16.43, April was up $.08 at $16.66, and May was $.04 higher at $16.80.
Cash cheese blocks were up $.0475 at $1.5575. The last unfilled bid was on one load at $1.5575. Barrels were down $.03 at $1.54. There were a total of ten trades, nine at $1.57 and one at $1.54. The last uncovered offer was for one load at $1.55.
Butter was $.0125 higher at $2.13. There was one load sold at $2.115. The last unfilled bid was on one load at $2.13.
Nonfat dry milk was $.0175 lower at $.8525. There was one load sold at $.8525. The last unfilled bid was on one load at $.85. The last uncovered offer was for one load at $.855.
The USDA reports butter for the week ending February 18th averaged $2.16 per pound, down $.051 on the week. 40 pound blocks of cheese came out at $1.71, $.017 lower. 500 pound barrels averaged $1.66, up $.075. Dry whey was pegged at $.494, $.012 higher. Nonfat dry milk averaged $.982, down $.01.
The USDA set the Class I milk price for March 2017 at $16.90 per hundredweight, up $.17 from February 2017. The base Class I price is $8.65, $.45 higher.
California’s Department of Food and Agriculture reports nonfat dry milk for the week ending February 17th averaged $1.0099 per pound, up $.012 on the week. Sales of 4,705,718 pounds were down 2,281,814.
Source: Brownfield Ag News
