In Class III trade at the Chicago Mercantile Exchange, milk futures were higher with the most active months up sharply on the USDA’s lower 2016 and 2017 production estimates. December was up $.07 at $17.17, January was $.60 higher at $17.28, February was up $.74 at $17.62, and March was $.73 higher at $17.74.
Cash cheese was higher, rebounding a little after last week’s losses. Blocks were up $.02 at $1.79. There were eight loads sold, one at $1.73, two at $1.72, and five at $1.71. The last unfilled bid was on one load at $1.72. Barrels were $.05 higher at $1.6275. There were five trades reported, including one at $1.6275 and two at $1.63.
Butter was up $.015 at $2.08. There was one load sold at $2.08.
Nonfat dry milk was down $.0025 at $.97. The last unfilled bid was on one load at $.92. The last uncovered offer was for one load at $.97.
According to HighGround Dairy, U.S. butter exports during October were helped out by a shortage of butterfat from Canada, which is expected to be a supportive factor all quarter. HighGround says that strong export demand also pushed U.S. butter prices higher. Nonfat dry milk, whey protein, and lactose exports were also solid because of lower milk production from Australia and New Zealand. Skim milk powder sales during October 2016 were the highest since May of 2015 thanks to demand from Mexico and Southeast Asia.
Source: Brownfield Ag News
