Archive for Dairy Markets

Milk Futures Down Butter Up in Chicago Wednesday

On the Chicago Mercantile Exchange Wednesday milk futures were mostly up and cash dairy prices down except for butter.  21 loads moved and helped butter move 2 ¼ cents higher to $2.14 ¼. Cheddar fell slightly but holds its average at $2.03 per lb. with blocks moving 1 load, a penny and half lower at $2.04 and barrels moving 4 loads half a penny lower at $2.02. Narrowing the block/barrel spread to 2 cents.  Dry whey was down $.0025 at $.3050 cents per pound. Twenty-one sales were recorded from $.3050 to $.3125. Nonfat dry milk was unchanged at $1.1675 per pound. Five sales were recorded from $1.16 to $1.1675.

Class III milk continued its move higher. October gained 2 cents to $18.62, November was unchanged at $18.68, and December gained 2 to 18.06/cwt. Jan – March of 2020 saw 3-4 gains to average at $17.00 per cwt. Class IV milk saw October gain 8 cents to $16.45, November was unchanged at $16.82, and December fell 4 cents to $16.76 per cwt.

Grain and feed markets were quiet again and took a small step lower. December corn fell 1 ½ cents to $3.91 ¾, November soybeans fell 6 cents to $9.28, and December soybean meal fell $3.00 to $304.80 per ton.

Global Dairy Markets Up 1/2%

Event 246 of the Global Dairy Trade took place on Tuesday with the overall index climbing a half percent.  This is the third consecutive twice monthly GDT trading session that markets have strengthened.  One-hundred-99 bidders were involved in the sale of more than 38-thousand metric tons of products.

The increase in prices came mostly on the strength of the rising skim milk powder market, which was up 2.4% today to $1.24/lb. Whole milk powder was unchanged at $1.42/lb.  Other products that gained included anhydrous milk fat and Rennet casein. More than three-quarters of Tuesday’s sales were whole milk powder and skim milk powder. Products that fell in GDT were butter, down four tenths of a percent at $1.815 and cheddar which lost 2.2% and ended at $1.65 per lb. Whole milk powder was unchanged at $1.42 per lb.

Both cheddar cheese and butter prices in the U.S. domestic market are out-pricing world prices by substantial margins. Blocks of cheddar here are trading at $2.11/lb; butter is at $2.07/lb.

U.S. skim milk prices are trading competitively vis-a-vis world prices, at $1.17/lb. Whole milk prices, though, are well above world prices at $1.75 to $1.80/lb.

For the complete GDT results, click here.

Markets Higher in Chicago Tuesday after GDT Report

On the Chicago Mercantile Exchange Tuesday milk futures were up and cash dairy prices were mixed. November and December added 6 and 9 cents. First quarter 2020 prices traded 6-10 cents higher while the balance of 2020 was slightly higher. Class IV markets were up 9 and 13 in November and December also. 

Dry whey was up $.01 at $.3075 cents per pound. Nine sales were recorded from $.30 to $.3075. Forty-pound blocks were down $.0175 at $2.0550 per pound. Four sales were recorded from $2.0450 to $2.0550. Barrels were unchanged at $2.0250 per pound. Six sales were recorded at that price. Grade AA Butter was up $.01 at $2.12 per pound. Seventeen sales were recorded from $2.11 to $2.12. Nonfat dry milk was unchanged at $1.1675 per pound. No sales were recorded.

Grain prices stepped back on Tuesday after reservations of whether China will follow through and sign Phase 1 of a potential trade deal. Corn lost 4 cents, soybeans were down 6.5 cents, and the wheat complex softened 4-5 cents.

Milk Markets Mixed Monday in Chicago

On the Chicago Mercantile Exchange Monday milk futures and cash dairy prices were mixed.  Class III milk was mixed after opening higher Sunday night. November was as high as $18.84, but finished the day down 9 cents to $18.62/cwt. October fell 5 to $18.59. December and into 2020 saw gains however – December up 7 to $17.95, Jan – March were up 5-6 cents. Class IV milk was unchanged in October at $16.37, November gained 19 to $16.73, and December gained 11 to $16.67/cwt.

The CME spot product market was also mixed.  Dry whey was down $.0050 at $.2975 cents per pound. Seven sales were recorded from $.2975 to $.3000. Forty-pound blocks were down $.0275 at $2.0725 per pound. Five sales were recorded from $2.0725 to $2.0975. Barrels were up $.0025 at $2.0250 per pound. Two sales were recorded at that price. Grade AA Butter was up $.0150 at $2.11 per pound. Eight sales were recorded from $2.10 to $2.11. Nonfat dry milk was up $.0025 at $1.1675 per pound. Four sales were recorded from $1.1650 to $1.1675.

Dairy Markets Giveth and the Taketh Away in Chicago Thursday

On the Chicago Mercantile Exchange milk futures closed lower Thursday taking back earlier week gains while cash cheese prices remain strong.   Class III milk prices closed with double digit losses all the way out through June 2020. Fourth quarter 2019 ended with an average price of $18.33 per cwt. First half 2020 settled near $16.78. 

Dry whey down $0.01 at $0.30.  Fifteen trades were made ranging from $0.30 to $0.3075.  Blocks up $0.04 at $2.12.  Two trades were made at $2.0975 and $2.1025. Barrels up $0.0150 at $1.95.  One trade was made at that price. Butter unchanged at $2.0575.  Nonfat dry milk unchanged at $1.1625.  Two trades were made at $1.16.

Corn closed 14 cents lower at $3.80 ¼ per bu. Soybeans settled a quarter cent lower on Thursday following a friendly Supply and Demand report. Yield was lowered a bushel to 46.9 bushels per acre. Ending stocks fell to 460 million bushels whereas the trade was expecting to see 521 million bushels.

Cheese over $2/lbs and Class III hits 2019 High in Chicago Wednesday

On the Chicago Mercantile Exchange Milk futures closed higher again Wednesday supported by strong cheese trade and weather concerns in the grain market. November Class III milk made its high for the year today, touching at $18.86 as the high for the day, but settling at $18.78, up 33 cents. October gained 11 to $18.71, and December gained 15 cents to $17.90 per cwt. 2020 markets saw January – March gain 9-11 cents and average at $16.86 per cwt. Class IV milk again followed butter lower. October fell 2 cents to $16.40, November fell 7 to $16.48 and December was unchanged at $16.56. 2020 markets showed slight gains. January gained 1 cent to $16.73 and February was up 4 to $16.92.

Dry whey down $0.0075 at $0.31. Fifteen trades were made ranging from $0.31 to $0.3150. Blocks up $0.0650 at $2.08. One trade was made at that price. Barrels up $0.0575 at $1.9350. Three trades were made ranging from $1.9275 to $1.9350. Butter down $0.0450 at $2.0575. One trade was made at that price. Nonfat dry milk up $0.0125 at $1.1625. Three trades were made at $1.16 and $1.1625.

A mixed day in grains. December corn down 1 ½ to $3.94 ¼, November soybeans up 3 ¼ to 9.23 ¾, and October soybean meal gained $3.10 to $305.40 per ton.

 

Class III Milk Climbs Higher in Chicago Thursday

On the Chicago Mercantile Exchange Class III milk continued its march higher. October gained 12 cents to $18.48, November gained 5 cents to $18.37 and 2020 saw gains for January – March of 1-7 cents to finish averaging at $16.79 per cwt. Class IV milk was unchanged throughout the trading months – October holding at $16.45.

Dry whey unchanged at $0.34.  Twenty-one trades were made, ranging from $0.3375 to $0.3425. Blocks up $0.02 at $2.02.  Two trades made ranging $2.01 to $2.02. Barrels up $0.01 at $1.77.  Six trades made, ranging from $1.7675 to $1.77. Butter up $0.0125 at $2.1850.  Eight trades were made, ranging $2.1750 to $2.1925.  Nonfat dry milk down $0.0050 at $1.1350.  Two trades, ranging from $1.1325 to $1.1350.

Milk Markets Push Higher in Chicago Wednesday

On the Chicago Merchantile Exchange Class III milk prices reacted favorably to the higher product trade as 4th quarter 2019 added 5-8 cents and closed with an average of $18.08 per cwt. First half 2020 prices were also up to the tune of 4-10 cents per cwt and closed Wednesday with an average of $16.83. Class IV markets were mixed ranging from 6 softer to 5 cents higher October 2019 to August 2020. 

For cash dairy, dry whey down $0.0075 at $0.34.  15 trades were made, ranging from $0.34 to $0.3425. Blocks up $0.01 at $2.00.  Barrels up $0.0275 at $1.76.  Five trades made ranging $1.75 to $1.76. Butter $0.0450 higher at $2.1725.  Three trades with a range of $2.1675 to $2.1725. Nonfat dry milk up $0.01 at $1.14. 

After filling the gap on Tuesday in the corn market dating back to the August supply and demand report, a round of profit taking was seen on Wednesday. December corn lost 4.75 cents to $3.88 per bu., soybeans were down 5.75 at $9.13 3/4, and the wheat complex dropped 3-9 cents.  

Dairy Markets Rally in Chicago Tuesday

September class III milk futures closed steady at $18.28 on the Chicago Mercantile Exchange Tuesday.   October gained 15 cents to $18.28, and November gained 16 cents to $18.24. 2020 markets also moved higher, gaining 4-9 cents in January- March and showing a first quarter average at $16.68 per cwt.  Class IV milk was up 7 cents in September to $16.45, October was unchanged at $16.45, and November gained 6 cents to $16.76 per cwt. 

Dry whey down $0.0025 at $0.3475.  Fourteen trades were made, ranging from $0.3450 to $0.35. Blocks up $0.0325 at $1.99.  Five trade made, ranging from $1.97 to $1.9925. Barrels up $0.0425 at $1.7325.  Four trades made, ranging from $1.73 to $1.7325. Butter unchanged at $2.1275.  Nonfat dry milk up $0.02 at $1.13.  Four trades made ranging $1.1250 to $1.13.

Grain and feed markets were stronger Tuesday. December corn was up 4 ½ cents to $3.92 ½, November soybeans gained 13 ½ to $9.19 ½, and soybean meal gained $8.20 to push back above $300 to $304.10 per ton.

Mixed Markets in Chicago Tuesday

On the Chicago Mercantile Exchange Milk futures closed mixed Monday, backing off of Friday’s gains with mostly higher cash trade. Milk markets in Class III witnessed very little change on Monday. Fourth quarter 2019 lost 2-6 cents per cwt, while 2020 prices ranged from a penny softer to 6 cents higher. The first half 2020 market is offering producers $16.72 per cwt. Class IV markets saw very little change as October through January traded just 1-6 cents higher, all other months were unchanged. 

Blocks up $0.0025 at $1.9575.  Two trades were made at $1.9575 and $1.9650. Barrels up $0.0350 at $1.69.  Six trades were made ranging from $1.6550 to $1.69.  Butter down $0.02 at $2.1275.  Four trades were made ranging from $2.1275 to $2.1350. Nonfat dry milk unchanged at $1.11. 

2019 US Crop Production: 17.4 Million “Lost Acres” Identified

Farm Market iD’s updated, in-season data now includes this season’s “lost acres”. In total, 17.4 million crop production acres have been lost in key broad-acre states compared to 18 million acres reported by USDA in the same states.

Lost acres include fields and acres that are normally planted and now have a failed crop, were never planted or contain a cover crop. The data is incorporated into Farm Market iD’s FarmFocus and FieldVision applications as a demographic summary of acres or visualized through field mapping.

Farm Market iD‘s in-season data covers corn, soybeans, wheat and cotton in 20 states plus the addition of the lost acres. Using geospatial imagery and machine learning algorithms, in-season data indicates the most current farmer and field information available.

“FarmFocus and FieldVision offer our clients detailed data on which farmers are most likely part of the USDA Prevented Planting program,” said Steve Rao, Farm Market iD CEO. “This information can help agribusinesses make more informed and strategic product, program and business decisions going into the late growing season and harvest.”

Shown in the graphic below: 2019 weather loss crop acres by field. (unplanted acres/fields shown in black).

Lost Acres Map

Shown in the graphic below: New Farm Market iD demographic layer = lost crop acres by grower.

Lost acres

This data has been captured through remote sensing, using weekly satellite imagery to evaluate the vegetative health, growth and conditions of crops. From this, Farm Market iD data analysts determine non-viable acres that have been historically planted and assign those acres to fields and growers through our farmer-attributed farm field boundaries.

If you aren’t currently licensing in-season data, click here to contact Farm Market iD to express interest. They are able to provide online access to this valuable information through both field- and grower-level applications.

Source: TheCattleSite News Desk

Mixed Results Continue in Chicago Wednesday

On the Chicago Mercantile Exchange milk futures closed mixed Wednesday as the news of a trade deal with Japan slowed the slide-off happening in the cash markets. Class III milk fell 1 cent in October to $18.09, November gained 6 cents to $18.08 and December gained 5 cents to $17.48. Fourth quarter average is at $17.88 per cwt. 2020 markets saw January – March vary from 5 lower to 5 higher and gives us an average at $16.60 per cwt. Class IV milk didn’t see much action. Only change coming in October, falling 3 cents to $16.40 and December gained 1 at $16.70.

The CME spot markets saw similar results.  Dry whey down $0.0175 at $0.3375. Ten trades were made ranging from $0.3375 to $0.3550. Blocks down $0.0550 at $1.9375. Five trades were made ranging from $1.93 to $1.95. Barrels unchanged at $1.6125. Butter unchanged at $2.1425. Nonfat dry milk up $0.0050 at $1.1075. One trade was made at that price.

Grain and Feed markets treaded water. December corn fell half a cent to $3.74 ¼, but 2020 months were up slightly. November soybeans fell 5 cents to $8.89 ¼ with soybean meal falling $2.20 to $293.20 per ton.

Milk Markets Take Nose Dive in Chicago Tuesday

On the Chicago Mercantile Exchange milk futures where lower Tuesday mostly unsupported by cash trade.  Class III milk markets reacted to the selloff in product trade as you would expect. 4thQuarter 2019 prices dropped 20-24 cents on Tuesday leaving that quarter’s average price at $17.85 per cwt. First half 2020 results ranged from 5 to 14 cents lower. The first half 2020 market is offering producers $16.71 per cwt. Class IV saw very little change with October 7 cents higher, January down 6, and March 8 cents weaker. Class IV first half average stands at $17.25 per cwt. 

Dry whey down $0.0125 at $0.3550.  Two trades were made at $0.3625.  Blocks down $0.0675 at $1.9925.  Three trades were made ranging from $1.9925 to $2.03. Barrels down $0.0050 at $1.6125.  Two trades were made at $1.6125 and 1.6175. Butter down $0.0125 at $2.1425.  One trade was made at $2.16. Nonfat dry milk up $0.0125 at $1.09.  Nine trades were made ranging from $1.0925 to $1.1025.

Grain prices on Tuesday watched corn add 1.5 cents per bu. to $3.7475, soybeans traded 1.75 cents higher to $8.94, Kansas City and Chicago wheat were down 1.5 cents, while Minneapolis closed 7.25 cents higher. 

Dairy Markets Seek New Normal End Up Seeing Green and Ending Up Red Monday in Chicago

On the Chicago Mercantile Exchange milk futures mixed Monday as cash trade fights to find a new normal range. Class III milk was both green and red as we moved through the day.  Sept was unchanged at $18.26, Oct fell 33 cents to $18.33, and November fell 13 to $18.26 per cwt. 2020 markets saw January – March mixed at 5 lower to 3 higher with an average at $16.73 per cwt. Class IV milk was unchanged in fall of 2019 markets with Sept at $16.33 per cwt.

The USDA Cold Storage report on Monday showed us a small increase in all cheeses from July to August of 700,000 lbs. to 1.36 Billion lbs. American style cheese however fell. Inventories fell 3.6 million lbs from July to 768 million lbs. Dry whey down $0.03 at $0.3675. Two trades were made at $0.37. Blocks unchanged at $2.05. Four trades were made at $2.05 and $2.06. Barrels down $0.0375 at $1.6175. Ten trades were ranging from $1.6175 to 1.67. Butter up $0.04 at $2.1550. Two trades were made at $2.1550 and $2.1575. Nonfat dry milk up $0.0075 at $1.09. One trade was made at that price.

Grain markets saw corn and soy higher. December corn gained 2 ½ to $3.73 ¼, November soybeans gained 9 3/4 to $8.92 ¼ and soybean meal gained $3.40 to $294.50 per ton.

Markets Mixed in Chicago Thursday

On the Chicago Mercantile Exchange milk futures closed mixed Thursday as cash cheese markets continue to slide. The block/barrel spread ended the day at a record-high $0.38.  Nearby Class III milk responded with October falling 25 cents to $18.48, but forward months saw gains through all of 2020. November gained 4 cents to $18.12, December 16 cents to $17.47 and January – March of 2020 gained 8-15 cents to average at $16.65 per cwt. Class IV was quieter. September was unchanged at $16.33, October gained 3 cents to $16.29, and November gained 2 cents to $16.47 per cwt.

Dry whey unchanged at $0.3975. Blocks down $0.0725 at $2.0450. One trade was made at $2.0650. Barrels down $0.12 at $1.6650. Eights trades were ranging from $1.6650 to 1.69. Butter down $0.0075 at $2.1025. Three trades were made at $2.1025 to $2.1050. Nonfat dry milk up $0.0025 at $1.0775. Three trades were made at $1.0750 to $1.0775. The USDA says the dairy cow slaughter for August was 266,600 head, up 9,800 head on the month, but down 13,100 on the year. The year to date total is 2.161 million head, 73,000 ahead of the 2018 pace.

Grains and feed were quiet. December corn was 1 ¼ cents higher to $3.72 ¾, November soybeans gained 4 ½ to $8.93 even, and October soybean meal gained 60 cents to $292.20 per ton.

Milk Markets Mostly Lower in Chicago Wednesday

On the Chicago Mercantile Exchange milk futures closed mostly lower Wednesday after another day of negative cash cheese trade. While October Class III milk at one point traded 69 cents lower during the product session, it finished today’s session at $18.73 per cwt, down 26 cents. The stretch of months between November and June 2020 ranged from 7 lower to 9 higher. Class IV markets followed a similar path watching October fall 22 cents and November through June was 13 lower to 9 higher. 

Cheddar barrels faltered 10.5 cents on just a single trade and closed at $1.785 per lb. Barrels down $0.1050 at $1.7850. One trade was made at that price. Dry whey unchanged at $0.3975. Butter down $0.04 at $2.11. One trade was made at that price. Nonfat dry milk up $0.0050 at $1.0750. Four trades were made ranging from $1.07 to $1.0750.

Global Dairy prices advance as milk powder price gains

Dairy product prices gained for a second consecutive trading in the past nine Global Dairy Trade (GDT) auctions on Wednesday.

The GDT price index advanced 2 percent from the previous auction two weeks ago. The average price was 3,303 U.S. dollars per tonne, compared with 3,255 dollars two weeks ago. 37,345 tonnes of product were sold, increased from 34,410 tonnes, compared two weeks ago.

Whole milk powder climbed 1.9 percent to 3,133 dollars per tonne.

“Strengthening prices seems linked to fewer volumes sold, compared with the previous event,” New Zealand stock market dairy analysts Robert Gibson highlighted.

At the latest GDT auction, rennet casein dipped 0.1 percent to 6,636 dollars per tonne, while lactose increased 5.6 percent to 770 dollars per tonne.

Anhydrous milk fat added 0.6 percent to 5,030 dollars a tonne, and butter jumped 2.7 percent to 4,129 dollars a tonne.

Meanwhile, cheddar rose 0.4 percent to 3,846 dollars a tonne.

Skim milk powder increased 3.4 percent to 2,599 dollars a tonne.

“Different from the market expectations, skim milk powder prices also increased at this event,” according to Gibson and Castleton.

Price of butter milk powder and sweet whey powder was not available at the latest auction.

Source: xinhuanet.com

Milk Futures Fall as a Result of Weaker Global Trade and Cheese Loses Tuesday in Chicago

On the Chicago Mercantile Exchange Tuesday brought the recent run-up in milk futures to an end as both futures and cash prices closed mostly lower.  October gave back much of its gains, down limit move of 75 cents to $18.99 per cwt. September only fell 5 to $18.29, and November lost 58 cents to $18.15 per cwt. 2020 markets also sharply lower, Jan- March falling 25-34 cents to average at $16.53 per cwt. Class IV milk was weaker as well. September and October were unchanged at $16.33 and $16.48, but November fell 24 cents to $16.55 per cwt.

The cheese market giveth and the cheese market taketh away.  Blocks down $0.0675 at $2.17. Eight trades were made ranging from $2.17 and $2.24. Barrels down $0.05 at $1.89. Dry whey unchanged at $0.3975. Butter down $0.0575 at $2.15. Three trades were made ranging from $2.15 to $ 2.18.25. Nonfat dry milk up $0.0150 at $1.07. Eight trades were made ranging from $1.0650 to $1.07.

Mixed Markets in Chicago Monday

On the Chicago Mercantile Exchange milk futures surged again higher on higher cash cheese prices. September Class III milk up three cents at $18.34. October up 54 cents at $19.72. November 38 cents higher at $18.73. December up 23 cents at $17.83. January through April contracts eight to 16 cents higher.

Dry whey unchanged at $0.3975. Blocks up $0.0325 at $2.2375. Three trades were made at $2.2150 and $2.23. Barrels up $0.02 at $1.94. One trade was made at that price. Butter down $0.0150 at $2.2075. Nonfat dry milk unchanged at $1.0550. One trade was made at that price.

Milk Futures Continue Higher in Chicago Thursday

On the Chicago Mercantile Exchange milk futures continued their rally again Thursday breaking the $19 mark after a supportive supply and demand report. Class III milk markets had an amazing day with October milk closing limit up 75 cents at $19.16/cwt. November followed closely behind adding 50 cents and December was also up 37 cents. First quarter 2020 markets lept 23 to 38 cents per cwt and second quarter closed 17 to 22 cents higher. Class IV markets harnessed the strength in Class III and grew 13 to 22 cents in the fourth quarter of 2019 and first quarter of 2020.

Dry whey up $0.0075 at $0.3975. One trade was made at that price. Blocks up $0.0525 at $2.1450 One trade was made at that price. Barrels up $0.06 at $1.88. Two trades were made at $1.8750 and $1.88. Butter down $0.0075 at $2.2275. Seven trades were made ranging from $2.2225 to $2.24. Nonfat dry milk up $0.0125 at $1.0550. One trade was made at that price.

Markets Rally Wednesday in Chicago

On the Chicago Mercantile Exchange Milk futures continued their rally Wednesday as well as cash markets.  Class III milk saw its third day of gains this week. September gained 9 to $18.29, October gained 25 cents to $18.41, and November gained 22 to $17.89. 2020 markets also saw a move higher. Jan – March was up 6-12 cents and the average is at $16.43/cwt. Class IV milk followed butter gaining 7 cents in Sept to $16.27, Oct up 10 to $16.43 and November gained 16 cents to $16.52/cwt.

Holiday buying continues to spur markets higher.  Dry whey up $0.01 at $0.39. One trade was made at that price. Blocks up $0.04 at $2.0925 One trade was made at that price. Barrels unchanged at $1.82. Five trades were made at that price. Butter up $0.0350 at $2.2350. Fifteen trades were made ranging from $2.21 to $2.2350. Nonfat dry milk up $0.0050 at $1.0425. Two trades were made at $1.04 and $1.0425.

Grain and feed prices were down slightly Wednesday. December corn fell 1 ½ cents to $3.60, November soybeans fell 5 ½ to $8.66 ½ and September soybean meal fell $3.30 to $289.60/ton.

Milk Futures Continue to Push Forward in Chicago Tuesday

On the Chicago Mercantile Exchange Front-month milk futures held above $18 mark with another day of strong cheese prices Tuesday. September traded 13 cents higher to $18.20/cwt while October was up 23 cents, November rallied 20 cents and December added 16 cents. Both September and October posted new lifetime contract highs.  December up 16 cents at $17.13. January through April contracts two to five cents higher.

The spot product market continues to rage on.  Blocks up $0.0525 at $2.0525 One trade was made at that price. Barrels up $0.02 at $1.82. Two trades were made at $1.8125 and $1.82. Butter up $0.0250 at $2.20. Fifteen trades were made ranging from $2.18 to $2.20. Dry whey unchanged at $0.38. Nonfat dry milk down $0.0025 at $1.0375. One trade was made at that price.

Grains were finally able to print green numbers on the screen. Corn jumped 7 cents, soybeans traded 14 higher and the wheat market grew 5 to 10 cents.

$18 Milk and $2 Cheese in Chicago Monday

On the Chicago Mercantile Exchange front-month milk futures pushed past the $18 mark which cheese prices had strong support Monday. Block cheese had the highest close since November of 2011.  Class III milk surged higher nearby, but 2020 markets were not as excited. September hit $18.07, up 11 cents, October was a biggest mover, gaining 21 cents to $17.93 per cwt. Nearing the late July peak at $18.05. November gained 11 to $17.47 per cwt. January – March of 2020 saw gains of 4-8 cents to finish with an average of $16.31 per cwt. Class IV milk was a different story. September fell 6 cents to $16.20, October was unchanged at $16.25, and November fell 16 cents to $16.24 per cwt. January – March of 2020 was unchanged to down a penny. Averaging at $16.70 per cwt.

Dry whey down $0.0150 at $0.38. One trade was made at that price. Blocks up $0.0025 at $2.00. Six trades were made at $1.9975 and $2.00. Barrels up $0.0675 at $1.80. Two trades were made at that price. Butter up $0.0025 at $2.1725. Thirteen trades were made ranging from $2.17 to $2.18. Nonfat dry milk down $0.0075 at $1.04. One trade was made at that price.

Grain and feed markets continue to be flat. December corn fell 1 ¼ to $3.54 ¼, November soybeans were unchanged at $8.57 ¾, and September soybean meal gained $1.30 to $288.50 per ton.

Wisconsin Receives Highest Milk Price since November 2017

The Wisconsin all milk price for July was $18.80 per hundredweight. According to the latest USDA Agricultural Prices report, that was 90-cents higher than last month’s price and $3.40 more than the same month a year earlier. It’s also the highest price received by Wisconsin farmers since November 2017.

The U.S. all milk price for July was $18.70 per cwt.–10-cents lower than Wisconsin’s price, but 60-cents higher than in June. All of the 24 major milk producing states had an increase in farm-paid milk prices, with Minnesota having the largest gain at $1.00 to $19.20 per cwt.

Meanwhile, the Chicago Mercantile Exchange 40-pound block cheese price closed at $1.93 per pound on August 30, while barrels were $1.73 per pound. The CME butter price was $2.19 per pound. For the week ending August 24, the Agricultural Marketing Service U.S. weekly 40-pound block cheese price averaged $1.87 per pound, and 500 pound barrels adjusted to 38 percent moisture averaged $1.76 per pound. The U.S. butter price was $2.37 per pound.

 

Source: Wisconsin AG Connection 

Milk Markets Mixed Thursday in Chicago

On the Chicago Mercantile Exchange milk futures were mixed again Thursday as was cash trade. Class IV milk was much softer following butter. September fell 6 cents to $16.30, October fell 17 cents to $16.37, and November fell 16 cents to $16.46 per cwt. Fourth quarter 2019 Class IV milk averages at $16.45 per cwt.

Dry whey up $0.0050 at $0.3950. One trade was made at that price. Blocks up $0.0325 at $1.9875. Barrels unchanged at $1.7325. Butter down $0.03 at $2.28. Thirteen trades were made ranging from $2.1750 and $2.19. Nonfat dry milk up $0.0025 at $1.0475. Twelve trades were made ranging from $1.0450 to $1.05.

Grain and feed markets were mixed. December corn gained a quarter of a cent to $3.58 ¾, November soybeans fell 14 cents to $8.61 ½, and September soybean meal followed finishing $3.50 lower to $288.70 per ton.

Mixed Markets as Result of Global Trade Wednesday in Chicago

On the Chicago Mercantile Exchange milk futures were mixed again Wednesday as was cash trade. Class III milk saw mostly positive moves on Tuesday. Sept gained 10 cents to $17.72 per cwt, October fell 2 cents to $17.64, and November fell 1 to $17.39. Fourth Quarter milk is averaging at $17.33 per cwt. 2020 markets also saw nice gains. January – March were up 2-5 cents with a first quarter average at $16.41 per cwt.

The CME spot product trade gained momentum following the Global Dairy Trade event 243 Tuesday morning. Block cheddar traded at its highest price since November 2014 and gained back 2 cents after 2 weeks of softer prices finishing at $2.21 per lb. Cheddar blocks gained a penny to $1.94, while cheddar barrels gained half a cent to $1.74 ¼. Dry whey unchanged at $0.39. Barrels down $0.01 at $1.7325. Thirteen trades were made ranging from $1.73 to $1.74. Butter unchanged at $2.21. Two trades were made at $2.21 and $2.2275. Nonfat dry milk down $0.0025 at $1.0450.

Feed prices continued to soften Tuesday after being closed for Labor Day Monday. December corn made a new contract lifetime low at $3.61 down 8 ¾ cents. November soybeans fell half a cent to 8.68 ½, and September soybean meal fell $1.30 to $288 per ton.

Global dairy prices fall, volumes increase at fortnightly auction

Global dairy prices edged lower at an auction early on Wednesday as prices declined for whole milk powder, the most widely traded item.

The Global Daily Trade (GDT) Price Index edged down 0.4%, with an average selling price of $3,202 per tonne, having fallen 0.2% in the previous sale two weeks ago and slumping 2.6% at an auction in early August.

Prices for whole milk powder (WMP) dropped 0.8%, largely in line with futures markets expectations. Prices of Anhydrous Milk Fat dropped 1.5%.

“The WMP outcome was very much in line with what futures pricing had been indicating, and movements in a number of product prices were relatively muted,” ASB Bank Chief Economist Nick Tuffley said in a note.

“It is reassuring that – to date – the escalating U.S.-China trade tensions and recent weakness in the Chinese renminbi are not having a material impact on dairy prices,” he added.

Fonterra on Wednesday maintained its current farmgate milk price forecast of NZ$6.25 to NZ$7.25 per kg of milk solids for 2019/2020 but warned of risks to the global dairy market from the international trade tensions.

A total of 39,689 tonnes was sold at the latest auction, an increase of 15.3 percent from the previous one, the auction platform said on its website (www.globaldairytrade.info).

The auction results can affect the New Zealand dollar as the dairy sector generates more than 7 percent of the nation’s gross domestic product.

The New Zealand milk co-operative, which is owned by about 10,500 farmers, controls nearly a third of the world dairy trade.

GDT Events is owned by New Zealand’s Fonterra Co-operative Group Ltd, but operates independently from the dairy giant.

U.S.-listed CRA International Inc is the trading manager for the twice-monthly Global Dairy Trade auction. A number of companies use the platform to sell milk powder and other dairy products.

The next auction is scheduled for Sept. 17.

Source: reuters.com

Markets Soften on Bearish Global Dairy Trader in Chicago Tuesday

On the Chicago Mercantile Exchange milk futures started the week mixed following a slightly bearish Global Dairy Trade report while cash trade was mostly higher. Class III milk saw mostly positive moves on Tuesday. Sept gained 10 cents to $17.72 per cwt, October fell 2 cents to $17.64, and November fell 1 to $17.39. Fourth Quarter milk is averaging at $17.33 per cwt. 2020 markets also saw nice gains. January – March were up 2-5 cents with a first quarter average at $16.41 per cwt.

The CME spot product trade gained momentum following the Global Dairy Trade event 243 Tuesday morning. Dry whey unchanged at $0.39. Blocks up $0.01 at $1.94. Thirteen trades were made ranging from $1.9325 to $1.94. Barrels up $0.0050 at $1.7425. Eight trades were made ranging from $1.7350 to $1.7425. Butter up $0.02 at $2.21. Ten trades were made ranging from $2.21 to $2.23. Nonfat dry milk up $0.0075 at $1.0475. One trade was made at that price.

December corn made a new contract lifetime low at $3.61 down 8 ¾ cents. November soybeans fell half a cent to 8.68 ½, and September soybean meal fell $1.30 to $288 per ton.

Fonterra maintains 2019/2020 milk price forecast despite risks in global dairy market

Fonterra has maintained its current forecast farmgate milk price for the season, however has flagged some risks in the international dairy market.

In a statement, the dairy co-op’s Chairman, John Monaghan said it had reviewed the 2019/2020 forecast in line with obligations under the Dairy Industry Restructuring Act (DIRA).

“We have maintained the current forecast range of $6.25 to $7.25 per kgMS, and the Advance Rate schedule, which is set off $6.75 per kgMS,” he said.

“It is still early in the season with around 2 percent of our forecast full season milk volume collected to date, so we are retaining a range of +/- 50c per kgMS,” said Monaghan.

The range would narrow as the season progresses and there was greater certainty on production and sales.

John Monaghan said the board was keeping a close eye on international trade tensions and geopolitical risks."
John Monaghan said the board was keeping a close eye on international trade tensions and geopolitical risks.”

Monaghan said while the global dairy market remained largely in balance, it was not without some risk.

“We are keeping a close eye on international trade tensions and geopolitical risks.” 

The weakening Chinese currency means less consumer purchasing power for USD-priced dairy products like ours.”

There was also continuing volatility in the price of dairy fat.

“On the other side, we have seen good Whole Milk Powder (WMP) demand. Global milk supply growth is slowing and international WMP production expectations are falling.”

The board has increased its 2019/2020 forecast organic milk price, citing good progress in contracting this season’s milk, coupled with continuing strong demand for ingredient products.

The forecast organic milk price range has increased to $8.25 – $9.25 with the Organic Advance Rate set off a mid-point of $8.75/kgMS. 

This is up from a previous forecast mid-point of $8.50.

The final 2018/19 farmgate milk prices will be announced as part of Fonterra’s annual results on 12 September.

Source: newshub.co.nz

Markets Higher Again in Chicago Thursday

On the Chicago Mercantile Exchange milk futures were again higher Thursday follow a mostly higher and active cash trade.  Class III milk had nice gains nearby. August was unchanged at $17.60 as it nears the end of the contract month. September gained 9 cents to $17.56, and October gained 11 cents to $17.64. The second half average is now at $17.45 per cwt. 2020 markets though were mixed from a penny down to a penny higher. Jan – March average is at $16.38 per cwt. Class IV milk saw gains as well August gained 4 cents to $16.70, September gained 6 cents to $16.26, and October gained 5 to $16.48.

Big volumes led to big moves in the CME spot product trade Wednesday.  Blocks up $0.04 at $1.92.  Four trades were made ranging from $1.90 to $1.92. Barrels up $0.02 at $1.70.  Twelve trades were made ranging from $1.68 to $1.7025. Butter down $0.0250 at $2.1850.  Seventeen trades were made ranging from $2.1850 to $2.21  Nonfat dry milk up $0.0050 at $1.0425.  Six trades were made ranging from $1.04 to $1.0425. Dry whey unchanged at $0.39.   

Feed and grain prices saw some slight gains on quiet trading. December corn gained a quarter of a cent to $3.71 ¼, November soybeans gained 2 ¾ to $8.68 ½, and September soybean meal lost $2 to close at $292 per ton.

Milk Markets Move Higher in Chicago Wednesday

On the Chicago Mercantile Exchange milk futures turned higher Wednesday while cash markets were mixed. The Class III milk market turned in a great day of trade following a rather lackluster move in the product market. 2019 months ranged from 7-17 higher September through December while first half 2020 prices settled 1 lower to 2 cents higher. Class IV milk results had September down 12 cents, October 7 softer, and November traded 10 cents higher. 

Dry whey down $0.0050 at $0.39. Blocks up $0.0025 at $1.88. Seven trades were made ranging from $1.8775 to $1.8825. Barrels unchanged at $1.68. Eight trades were made at that price. Butter unchanged at $2.21. Nonfat dry milk down $0.01 at $1.0375. Three trades were made ranging from $1.0375 to $1.0450.

The grain markets finally traded higher on Wednesday after the bloodbath that it has experienced basically the entire month of August. Corn traded 4-6 cents higher off of news from Agriculture Secretary Sonny Perdue announcing that President Trump plans to boost bio fuel demand. That announcement is expected over the next couple of weeks. The soybean market traded 6.5 cents higher to $8.6575 per lb. The wheat complex fell 1-2 cents in Chicago and Kansas City whereas Minneapolis was down 4.

August’s Dairy Data Dashboard

Every month, USDEC aggregates domestic and global dairy data to create 10 charts displayed in a one-page, printable dashboard. 

The August Dairy Data Dashboard is now available.

 dashboard1-2

Source: USDEC

Milk Markets Mixed Tuesday in Chicago

On the Chicago Mercantile Exchange milk futures closed mixed Tuesday as did cash trade.  Class III milk was mixed. August unchanged at $17.60 per cwt, September gained 5 cents to $17.30, and October lost 6 cents to $16.50 per cwt. 2020 markets saw some softness. January – March was unchanged to 4 cents lower with the average at $16.36 per cwt. Class IV milk once again followed butter. August held steady at $16.66 per cwt, September and October gained 8 cents to $16.32 and $16.50 per cwt.

Butter bounced back on Tuesday on increased volume during the CME spot product trade up $0.0125 at $2.21 on 19 trades ranging from $2.20 to $2.22. Dry whey unchanged at $0.3950. Blocks down $0.0025 at $1.8775. One trade was made at that price. Barrels up $0.0150 at $1.68. Four trades were made at that price.  Nonfat dry milk up $0.0075 at $1.0475. Sixteen trades were made ranging from $1.04 to $1.0475.

Grain markets continue to wait for harvest information to move the market. December corn fell 2 cents to $3.66 ¼, November soybeans fell 8 cents to $8.59 ¼, and September soybean meal fell $1.50 to $291.50 per ton.

Japanese Trade Deal Sparks Dairy Markets in Chicago Monday

On the Chicago Mercantile Exchange milk futures closed higher Monday as a deal in principle with Japan brought optimism back to the market. Class III trade was favorable on Monday, while Class IV was the opposite. August added a penny to $17.60 while September was up 3 cents, and fourth quarter 2019 grew 9-12 cents per cwt. The September through December Class III aveage closed at $17.25 per cwt. 2020 prices ranged from 3 to 8 cents higher January through September in Class III. Class IV markets saw weakness of 6 cents in both September and October while November through January closed 13-19 cents lower. The Class IV September through December price average dropped to $16.39 per cwt. 

Dry whey unchanged at $0.3950. Blocks unchanged at $1.88. Four trades were made ranging from $1.8775 to $1.8825. Barrels unchanged at $1.6650. Six trades were made ranging from $1.66 to $1.6650. Butter down $0.03 at $2.1975. Four trades were made ranging from $2.19500 to $2.2075. Nonfat dry milk up $0.0025 at $1.04. Ten trades were made ranging from $1.0375 to $1.0450.

Grain prices had mixed results as corn added a half cent in new crop, soybeans traded 10.5 cents stronger and wheat declined 2-3 cents across all 3 complexes. Livestock had the best results from Monday’s trade as fat cattle traded $1.50 per cwt higher, feeders jumped $2 per cwt and hogs were limit up in the October contract.

Milk Markets Plunge Lower in Chicago Thursday

On the Chicago Mercantile Exchange milk futures were continued trailing lower Thursday as did cash trade. Class III milk futures were sharply lower following the product trade. August fell 4 cents while September was walloped losing 32 cents, October was down 16 and November dropped 9 cents. 2020 markets ranged from a penny softer to 9 lower. Class IV had similar trade as September finished 4 cents lower, October lost 15 and November was down 9 cents per cwt. 

Dry whey down $0.0050 at $0.3950.   Blocks down $0.0250 at $1.88.  Three trades were made at $1.8750 to $1.90. Barrels down $0.0150 at $1.6650.  Seven trades were made ranging from $1.6650 to $1.6725.  Butter down $0.0225 at $2.29.  Two trades were made ranging at $2.29 and $2.31. Nonfat dry milk down unchanged at $1.0275.  Three trades were made ranging from $1.02 to $1.0275.

Milk Futures Continue Downward Trend in Chicago Wednesday

Milk futures on the Chicago Mercantile Exchange were again lower Wednesday as global prices continue to decline, cash markets were mixed with a very active butter trade. Class III milk prices lost 1-8 cents between August through December 2019. 2020 months for Class III ranged from 5 cents lower to 2 cents higher. Class IV milk also dropped losing 2-10 cents in 2019.

Dry whey up $0.0125 at $0.40.  One trade was made at that price. Blocks down $0.0050 at $1.9050.  Two trades were made at that price. Barrels down $0.03 at $1.68.  Six trades were made ranging from $1.68 to $1.6925.  Butter up $0.0025 at $2.3125.  Twenty-seven trades were made ranging from $2.3075 and $2.3150. Nonfat dry milk down unchanged at $1.0275.  

Milk Futures Continue Lower in Chicago Tuesday

On the Chicago Mercantile Exchange milk futures were continued lower Tuesday, pressured by slight declines in the Global Dairy Trade report, cash markets were mixed. Class III milk prices lost 1-8 cents between August through December 2019. 2020 months for Class III ranged from 5 cents lower to 2 cents higher. Class IV milk also dropped losing 2-10 cents in 2019.

Dry whey up $0.0175 at $0.3875.  Blocks up $0.0025 at $1.91.  Two trades were made at $1.9050. Barrels down $0.04 at $1.71.  Six trades were made ranging from $1.71 to $1.7125.  Butter down $0.02 at $2.31.  Three trades were made at $2.31 and $2.3125. Nonfat dry milk down $0.0025 at $1.0275.  Four trades were made at $1.0275 and $1.03.

Futures Lower in Chicago to Start the Week

Milk futures on the Chicago Mercantile Exchange were lower Monday ahead of a mostly neutral milk production report. Class III milk continued a lackluster performance as grains fell. August was unchanged at $17.62, September fell 7 cents to $17.78, and October fell 5 to $17.78. The Aug – December average is at $17.52/cwt. 2020 markets were also weaker, falling 5-9 cents for Jan- March and averaging $16.49/cwt.

Dry whey up $0.0050 at $0.37.  Blocks up $0.0275 at $1.9075.  Two trades were made at $1.9050 and $1.9075. Barrels down $0.0150 at $1.75.  Eight trades were made ranging from $1.75 to $1.76.  Butter down $0.01 at $2.33.  Two trades were made at $2.33 and $2.3325. Nonfat dry milk unchanged at $1.03.  One trade was made at that price.

Grain and feed  markets fell again on Monday. December corn fell 6 ¼ to $3.74 ½, November soybeans fell 13 ¼ to $8.66 ½, and Soybean meal fell $2.90 to $292/ton. 

Markets Flat in Chicago Monday

On the Chicago Mercantile Exchange milk futures ended lower Monday after a long-term dairy projection left little to be desired by traders and cash markets were flat. August Class III milk futures unchanged at $17.61. September down nine cents at $17.78. October 11 cents lower at $17.78. November down seven cents at $17.45. December through March contracts three to seven cents lower.

Dry whey unchanged at $0.3550. One trade was made at that price. Blocks unchanged at $1.8675. Barrels unchanged at $1.72. Butter up $0.0225 at $2.3375. Five trades were made ranging from $2.3225 to $2.3375. Nonfat dry milk unchanged at $1.0275.

Profit Taking and Demand Uncertainties Drive Milk Futures Lower in Chicago Thursday

At the Chicago Mercantile Exchange Wednesday class III milk futures were lower on profit-taking and demand uncertainties.  August gained 4 cents to $17.54 per cwt, September fell 1 to $17.79 and the August – December average is at $17.53 per cwt. 2020 markets were higher. January – March gained 2 cents with the average coming in at $16.62 per cwt. Class IV gave back some of the gains it saw Wednesday. August was unchanged at $16.60, September fell 4 cents to $16.79 and our second-half average was at $16.89 per cwt.

Cash cheese blocks were steady at $1.8675 and barrels were unchanged at $1.71. The last uncovered offer on barrels was for one load at $1.73. Nonfat dry milk was $.0025 higher at $1.025. Three loads were sold, two at $1.0225 and one at $1.0275. The last unfilled bid was on one load at $1.0225. The last uncovered offer was for one load at $1.025 Butter was $.02 lower at $2.33. One load was sold at $2.325. The last unfilled bid was on one load at $2.33. The last uncovered offer was for one load at $2.35. Dry whey was up $.015 at $.355, with one load sold at that price. The last unfilled bid was on two loads at $.325. The last uncovered offer was for one load at $.36.

Grains and feed showed some strength on Thursday ahead of Monday’s USDA supply and demand report. December corn gained 4 ¼ cents to $4.1825 per bu. November soybeans were up 16 ¼ cents to $8.83 per bu., though soybean meal lonely gained $1.80 and August closed trading at $294.80 per ton.

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