In Class III trade at the Chicago Mercantile Exchange, milk futures were supported by continued technical momentum and recent lower production numbers from some key export competitors. December was up $.05 at $16.99, January was $.30 higher at $16.82, February was up $.28 at $16.80, and March was $.25 higher at $16.73.
Cash cheese was mixed. Blocks were up $.02 at $1.78. The last unfilled bid was on one load at $1.78. Barrels were down $.015 at $1.62. There were a total of three loads sold, two at $1.62 and one at $1.6225. The last unfilled bid was for two loads at $1.61. The last uncovered offer was for one load at $1.63.
Butter was $.0375 lower at $2.1925. There was one load sold at $2.1925. The last unfilled bid was on one load at $2.10. The last uncovered offer was for two loads at $2.25.
Nonfat dry milk was $.0375 higher at $.99. There were five loads sold, three at $.99 and two at $.98. The last uncovered offer was for one load at $.995.
Changes to the CME Group’s cash dairy products market start Monday, December 5th. The CME Group says the moves will increase transparency and increase access for traders, brokers, and other market participants. Cash settled nonfat dry milk trade will move from an open outcry session to the CME’s direct auction platform. Cash butter and cheese are expected to make the transition in 2017. Adjustments to the times of trading sessions also start Monday, with cash cheese now trading between 10:45 and 10:55 AM Central, butter trading from 11:00 to 11:10 AM, and nonfat dry milk trading from 11:30 to 11:40 AM.
Source: Brownfield Ag News
