Class III futures at the Chicago Mercantile Exchange were down on demand uncertainties. June was down $.08 at $16.29, July was $.19 lower at $16.67, August was down $.16 at $17.06, and September was $.10 lower at $17.28.
Cash cheese blocks were $.015 lower at $1.65. Two loads were sold at $1.65. The last uncovered offer was for one load at $1.66. Barrels were unchanged at $1.425. Seven loads were sold, all at $1.425. The last unfilled bid was on three loads at $1.42. The last uncovered offer was for two loads at $1.425.
Butter was down $.0625 at $2.4625. Five loads were sold, including one at $2.4625. The last unfilled bid was on one load at $2.455. The last uncovered offer was for two loads at $2.475.
Nonfat dry milk was $.0175 lower at $.9025. 10 loads were sold, including two at $.9025 and four at $.905. The last unfilled bid was on two loads at $.90. The last uncovered offer was for one load at $.91.
The USDA reports cash butter for the week ending June 3rd averaged $2.32 per pound, up $.022 on the week. 40 pound blocks of cheddar were pegged at $1.68, $.06. higher. 500 pound barrels averaged $1.54, up $.015. Dry whey came out at $.499, $.004 higher. Nonfat dry milk averaged $.897, up $.009.
According to HighGround Dairy, milk production in the United Kingdom for the week ending May 28th was down 1.1% on the year and production in France, also for the week ending May 28th, was 2.3% lower.
The USDA’s attaché in Argentina projects milk production at 10.39 million tons, down from previous estimates, but up 2% on the year. The office says 2017 production was limited by wet weather during the first quarter, but conditions are expected to improve. 2017 dairy exports are expected to be 186,000 tons.
Source: Brownfield Ag News
