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Milk futures sharply lower, cash cheese steady

Wednesday, April 26th, 2017

Class III milk futures at the Chicago Mercantile Exchange were lower Tuesday, pressured by Monday’s bearish cold storage numbers, including a new March record for all cheese and a year to year increase in butter stocks. May was $.29 lower at $15.32, June was down $.43 at $15.42, July was $.33 lower at $15.89, and August was down $.33 at $16.26.

Cash cheese blocks were unchanged at $1.5525. The last uncovered offer was for one load at $1.5525. Barrels were steady at $1.4275. The last uncovered offer was for one load at $1.4275.

Butter was $.0625 higher at $2.1375. 10 loads were sold, including four at $2.12 and one at $2.1375. The last unfilled bid was on one load at $2.10. The last uncovered offer was for one load at $2.1375.

Nonfat dry milk was up $.0075 at $.8525. The last unfilled bid was on two loads at $.8525.

California’s Department of Food and Agriculture says nonfat dry milk for the week ending April 14th averaged $.8527 per pound, down $.021 on the week. Sales of 17,894,945 pounds were up 11,446,687.

Source: Brownfield Ag News

(T8, D2)

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