In Class III trade at the Chicago Mercantile Exchange, milk futures were steady to lower, following the bearish fundamental influences after a couple of sessions of mixed, consolidation-type trade. June was down $.03 at $12.37, July was $.07 lower at $12.85, August was down $.06 at $13.63, and September was $.01 lower at $14.36.
Over in the spot market, cash cheese was higher. Barrels were up $.0125 at $1.3625 with a total of four loads sold. The last bid unfilled was on one load at $1.3625. The last offer uncovered was for two loads at $1.37. Blocks were $.035 higher at $1.315 with a total of ten loads sold. The last bid unfilled was on one load at $1.32. The last offer uncovered was for two loads at $1.32.
Butter was up $.015 at $2.0525. The last bid unfilled was on one load at that price.
Nonfat dry milk was $.02 higher at $.80 with a total of five loads sold. The last bid unfilled was on one load at $.785. The last offer uncovered was for one load at $.80.
For the week ending May 14th, the USDA says butter averaged $2.05 per pound, down $.02. 40 pound blocks of cheddar were pegged at $1.42, $.026 lower, and 500 pound barrels averaged $1.42, down $.039. Dry whey came out at $.253, up $.003. Nonfat dry milk averaged $.751, $.007 higher.
The USDA has the base Class I price for June at $13.14 per hundredweight, down $.56 from May, with the skim price at $5.31, $.81 lower. The advanced Class III skim price is also seen at $5.31 with the Class IV price at $5.16. The advanced butterfat pricing factor is just over $2.29 per pound. The Class II skim price is estimated at $5.86 with the nonfat solids price at a little more than $.65. The two week product price average for butter is $2.0632 with cheese at $1.4477, nonfat dry milk at $.7469, and dry whey at $.2522.
Source: Brownfield Ag News
