Class III milk futures at the Chicago Mercantile Exchange were mostly lower, reacting to the Global Dairy Trade activity and Monday’s USDA milk production numbers. June was up $.01 at $16.33, July was down $.25 at $15.97, August was $.15 lower at $16.73, and September was down $.16 at $16.99.
Cash cheese blocks were unchanged at $1.5975. One load was sold at $1.5975. Barrels were $.0125 lower at $1.3375. 11 loads were sold, including two at $1.3375 and five at $1.34. The last unfilled bid was on one load at $1.33. The last uncovered offer for one load at $1.3375.
Butter was $.07 higher at $2.63. Six loads were sold, including four at $2.63. The last unfilled bid was on one load at $2.625. The last uncovered offer was for one load at $2.63.
Nonfat dry milk was down $.015 at $.89. The last unfilled bid was on one load at $.855. The last uncovered offer was for four loads at $.89.
The Global Dairy Trade index lost 0.8%, closing at $3,434 per ton, after six sessions in a row with a positive close. Lactose dropped 11.1% and rennet casein was 8.0% lower, while anhydrous milk fat was up 4.4% and butter was 2.9% higher. The next event is scheduled for Tuesday, July 4th. U.S. markets will be closed, in observance of Independence Day.
The USDA says milk production in the top 23 states during May 2017 was 17.8 billion pounds, up 1.8% from May 2016. Average production per cow was a new high for the month at 2,035 pounds, that’s a 16 pound increase from a year ago, and the total number of milk cows in the top production states was 8.72 million head, up 2,000 head on the month and 81,000 on the year.
Source: Brownfield Ag News
