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Milk Markets Continue to Head Lower in Chicago

At the Chicago Mercantile Exchange, Class III milk futures closed mostly lower Wednesday. Class III milk futures markets had October down 6 cents at $15.56 per cwt. while November through April 2019 dropped 11-13. May 2019 through December 2019 ranged from 3 cents lower to 8 cents higher. The first half 2019 market is now offering $15.82 per cwt. while the full year stands at $16.12 per cwt. Class IV milk was unchanged in 2018, 4 cents lower in January and February 2019, and 1-4 cents higher March through December 2019. The average Class IV first half price is offering $15.34 per cwt. and the full year is trading at $15.70.

Cheddar blocks and barrels found follow-through selling after Tuesday’s GDT event as blocks weakened 3 cents and barrels fell 4 cents. Blocks traded 3 loads and closed at $1.59 per lb. while barrels moved 5 lads and settled at $1.29 and a quarter. Butter was up $0.0150 at $2.2850. Eleven sales were made ranging from $2.28 to $2.2925. Nonfat dry milk closed down $0.0050 at $0.8675. Dry whey was up $0.0050 at $0.5750. Two sales were made at that price.

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