Trading of Class III milk futures closed lower Wednesday at the Chicago Mercantile Exchange as increasing dairy stocks and production weighed on prices. January milk was down $0.01 closing at $13.89. February was $0.09 lower at $13.42. March closed $0.08 lower to $13.53. April milk was lower $0.10 at $13.73. The rest of the 2018 milk futures were mixed from nine cents a hundredweight lower to a two cents higher.
Grade AA Butter was $0.0050 higher at $2.12. Barrels were down $0.0050 to $1.36. Four loads were sold ranging from $1.3325 to $1.36. 40 # blocks were $0.0650 lower at $1.4950. Five loads were sold ranging from $1.4950 to $1.56. Nonfat dry milk was unchanged at $0.7175. Eight loads were sold ranging from $0.7050 to $0.7175.
The USDA reports cash butter for the week ending January 20th averaged $2.18 per pound, $0.049 lower than the previous week. 40 pound blocks of cheddar were pegged at $1.32, $0.05 higher. 500 pound barrels averaged $1.43, a decrease of $0.069. Dry whey came out at $0.269, down $.011. Nonfat dry milk averaged $0.695, up $.004.
