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Milk Futures Push Higher Thursday in Chicago


On the Chicago Mercantile Exchange milk futures were mostly higher Thursday ahead of a mostly neutral milk production report but reduced class and component prices for February. The Class III dairy markets found another bid on Thursday as February jumped 21 cents, March was up 25, and April gained 15. May also traded 7 cents stronger and June was up a penny. Second half 2020 ranged from even to 5 cents lower. Class IV markets watched March through may fall 9-15 cents per cwt. 

 

Dry whey up $0.0025 at $0.36.  Twenty-two sales were made at $0.3575 and $0.36. Blocks unchanged at $2.0025.  Two trades were made at that price. Barrels up $0.0050 at $1.63.  Six trades were made at $1.63 and $1.6325.  Butter up $0.0025 at $1.8675.  Three trades were made ranging from $1.86 to $1.8675. Nonfat dry milk down $0.0075 at $1.29.  Ten trades were made ranging from $1.2850 to $1.2950. 

The USDA released its December milk production report on Thursday. Milk production was reported beneath most expectations as production rose just 7/10 of a percent. Many Midwest states were down once again year over year, 3 states that continue to put out milk included Texas, Colorado, and Kansas. The milking herd totaled 9.339 billion in December which was unchanged from November after accounting for a revision in November.  


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