On the Chicago Mercantile Exchange milk futures again closed higher Thursday ahead of USDA’s milk production report, cash trade was mixed. The USDA Milk production report was released on Thursday. USDA says production in the U.S. was down nearly one percent compared last year at more than 18.8 billion pounds with production per cow down 31 pounds from last year. As expected, milk production fell 1.1% over 2019 levels as milk processors enacted many mandatory production cuts during May. Most of the adjustment came in production per cow, falling 31 lb. to 2,010 lb., a 1.5% decline from the previous year. Cow numbers were 11,000 lower than April, but still 4/10 of a percent above 2019 levels.
Class III milk finished trading with June up 17 to $20.91, July gained 64 to $20.43, and August gained 45 to $18.54/cwt. September – December were 7-28 higher. Class IV saw June fall 1 to $13.34, July fell 37 to $14.82, and August fell 10 to $15.35.
