Market News

Milk futures, cash dairy higher

Milk futures on the Chicago Mercantile Exchange closed higher Tuesday supported by strong cash trade and positive export prospects.  Markets will be closed Thursday and Friday for the holiday.

November Class III milk up a penny at $20.37.  December 28 cents higher at $19.07.  January 30 cents higher at $18.66.  February up 31 cents at $18.08.  March through June contracts a penny lower to 26 cents higher.

Dry whey up $0.0025 at $0.3525. 

Blocks up $0.0475 at $1.93.  Two trades were made at $1.93 to $1.9325.

Barrels up $0.05 at $2.1925.  One trade was made at that price. 

Butter unchanged at $2.01. 

Nonfat dry milk up $0.01 at $1.23.  Six trades were made on a range of $1.22 to $1.23.

USDA is projecting increased dairy exports for next year regardless of finalized trade deals.

The agency forecasts dairy product exports up $300 million for the 2020 fiscal year to $5.8 billion.  Prices and export volumes of nonfat dry milk powder and other skim milk products are expected to improve.

Imports are projected lower than in 2019.