In Class III trade at the Chicago Mercantile Exchange, milk futures were lower on another round of technical and commercial pressure. Seasonally, milk production is ramping back up and global export demand for U.S. dairy products continues to be a big question mark. September was down $.02 at $16.34, October was $.33 lower at $15.74, November was down $.23 at $16.01, and December was $.12 lower at $15.88.
In the spot market, cash cheese was lower. Blocks were down $.0625 at $1.5875. There were three loads sold, ranging from $1.63 to $1.635. The last uncovered offer was for one load at $1.5875. Barrels were $.005 lower at $1.475. There were a total of ten loads sold, ranging from one at $1.475 to two at $1.50.
Butter was down $.0375 at $1.9675. The last uncovered offer was for two loads at that price.
Nonfat dry milk was up $.01 at $.92. There was one trade at that price. The last unfilled bid was on two loads at $.92. The last uncovered offer was for one load at $.95.
Michigan based Continental Dairy Facilities says it is adding butter and buttermilk powder production. That follows a $50 million expansion and will add ten jobs to the more than 100 person workforce. Continental produces more than 300,000 pounds of nonfat dry milk a day. It’s owned by Select Milk Producers, the fifth largest U.S. dairy co-op with 90 dairy farmers in Indiana, Michigan, New Mexico, Ohio, and Texas.
Source: Brownfield Ag News