In Class III trade at the Chicago Mercantile Exchange, milk futures were lower, with several months down sharply, on follow through selling and demand concerns. August was $.02 lower at $16.94, September was down $.30 at $17.45, October was $.15 lower at $17.28, and November was down $.20 at $16.84.
In the spot market, cash cheese was sharply lower, responding to the recent bearish cold storage report. Blocks were down $.065 at $.178. There were a total of six trades, including two at the closing price. Barrels were $.085 lower at $1.78 with one trade at that price. The last unfilled bid was on one load at $1.77.
Butter was down $.03 at $2.0775. There were five loads sold, one at the closing price. The last unfilled bid was on one load, also at $2.0775.
Nonfat dry milk was unchanged at $.8475. There was one load sold at $.85. The last unfilled bid was on one load at $.84. The last uncovered offer was for one load $.8475.
The USDA says butter for the week ending August 20th averaged $2.25 per pound, up 2.8 cents on the week. 40 pound blocks of cheddar was pegged at $1.77, 4.1 cents higher, and 500 pound barrels averaged $1.88, up 3.8. Dry whey came out at $.281, down two tenths of a cent. Nonfat dry milk averaged $.867, 1.4 cents higher.
California’s Department of Food and Agriculture reports nonfat dry milk for the week ending August 19th averaged just over $.84, down about a penny on the week. Sales were 3.4 million pounds.
Source: Brownfield Ag News