Market News

Milk futures give back gains

In Class III trade at the Chicago Mercantile Exchange, milk futures were lower on profit taking and the bearish supply and demand outlook. May was down $.12 at $12.75 and June was $.33 lower at $12.59, while July was down $.25 at $13.09 and August was $.18 lower at $13.82. The USDA’s supply and demand update is out Tuesday at Noon Eastern/11 AM Central.

Over in the spot market, cash cheese was lower. Barrels were down $.02 at $1.28 with a total of four loads sold. The last bid unfilled was on one load at $1.28. The last offer uncovered was for one load at $1.29. Blocks were $.0325 lower at $1.2775 with one load sold.

Butter was down $.0025 at $2.0475 with one load sold.

Nonfat dry milk was up $.0225 at $.80 with six loads sold, including four at the closing price. The last offer uncovered was for one load at $.81.

Cooperatives Working Together announced the acceptance of six requests for export assistance. The requests cover 668,001 tons of Cheddar and Monterey Jack cheese from DFA and Darigold. The products are headed to Asia and Oceania from May through September.