What goes up, must come down. Red moved into our markets on Tuesday, with Class IV showing some strength on the Chicago Mercantile Exchange. Milk futures closed lower Tuesday pressured by mostly lower cash trade and declining global markets. Class III Milk fell 1 in Aug to 19.84, Sept fell 40 to 16.00, and October gave back 25 cents to 16.92/cwt. 2021 was quieter with prices varying from 8 lower to 4 cents higher. Class IV Milk gained 1 in Aug to 13.15, Sept was unchanged at 13.51, and Oct gained 13 to 14.32/cwt. 2021 saw gains of 5-21 cents
The CME spot trade saw similar declines. Dry whey down $0.0025 at $0.34. Three sales were made at $0.3375 and $0.34. Blocks down $0.0175 at $1.7975. Barrels down $0.06 at $1.40. One trade was made at that price. Butter down $0.02 at $1.52. Eighteen trades were made ranging from $1.5250 to $1.5450. Nonfat dry milk up $0.0325 at $1.0125. Six sales were made ranging from $1.00 to $1.0225.
The Global Dairy Trade event started out day with the index of Oceana dairy products down 1.7% from the previous event 2 weeks ago. Skim milk powder was the only category to trade higher, up 1.1 percent. Cheddar, -3.6 percent, lactose, -3.3 percent, and anhydrous milk fat, -2.9 percent, were the loss leaders at the biweekly event.
