In Class III trade at the Chicago Mercantile Exchange, milk futures were mostly higher on spread trade and weather concerns. June was unchanged at $13.28, July was $.46 higher at $15.38, August was up $.22 at $16.17, and September was $.03 higher at $16.27.
Over in the spot market, cash cheese was higher. Barrels were up $.0175 at $1.555 with a total of two loads sold. The last offer uncovered was for one load at $1.56. Blocks were $.02 higher at $1.54 with a total of four sales reported. The last bid unfilled was on one load at $1.54.
Butter was up $.0875 at $2.355 with two sales reported.
Nonfat dry milk was down $.02 at $.83 with a total of nine loads sold. The last bid unfilled was on one load at $.8225. The last offer uncovered was for one load at $.84.
The Global Dairy Trade Index was unchanged at $2,339 per ton. Cheddar had the biggest increase, up 6.9%, and butter milk powder had the biggest decrease, down 6.6%. The index had been up for two sessions in a row. The next auction is scheduled for July 5th.
For the week ending June 11th, the USDA says butter averaged $2.09 per pound, up 2.3 cents on the week. 40 pound blocks of cheddar came out at $1.37, 3.9 cents higher, and 500 pound barrels averaged $1.46, also 3.9 cents higher. Dry whey was pegged at $.252, down a penny. Nonfat dry milk averaged $.789, up 2.2.
Source: Brownfield Ag News
