On the Chicago Mercantile Exchange milk futures closed higher with little to no movement on the cash market. Class III milk futures had June a penny lower and the second half 6-14 cents higher. The 2nd half average closed at $16.82 per cwt. Class IV milk lost 4-10 cents per cwt June through September.
Dry whey unchanged at $0.3525. Blocks unchanged at $1.6825. Barrels unchanged at $1.5425. Butter down $0.0350 at $2.3725. Eight trades were made ranging from $2.3725 to $2.39255. Nonfat dry milk unchanged at $1.0450. One trade was made at that price.
Weekly European dairy prices are mostly lower on the week and the year with continued gains in skimmed milk powder. Butter prices continue to post the most losses.
In Oceania milk production reported last week, year over year, April production fell 10% to 4.2 billion pounds. Australia has been hampered by drought all year long and is the main culprit of their drawdown to 1.23 billion pounds. New Zealand production totaled 3 billion pounds in April as rainfalls slowed down as well and pastures dried up.
