Market News

Milk futures lower, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange closed sharply lower Thursday pressured by technical selling, increased cheese production and a lack of progress on changes to Canada’s supply management system.

September milk closed down 26 cents at $16.29. October down 39 cents at $16.74.  November down 33 cents at $16.41.  December down 23 cents at $16.28.  January through next August contracts closed 13 to five cents lower.

Barrels closed down $0.0825 at $1.5575. Ten trades were made ranging from $1.5575 to $1.6225.

Blocks were down $0.06 at $1.6450. One trade was made at that price.

Nonfat dry milk was unchanged at $0.92.

Butter was up $0.0025 at $2.19. Nine trades were made ranging from $2.16 to $2.19.25.

Dry whey closed up $0.0050 at $0.51.

The USDA says cash dairy prices are continuing to see mostly modest gains. The USDA reports cash butter for the week ending September 1st averaged $2.30 per pound, $0.062 lower than the previous week. Blocks of cheddar were pegged at $1.66, $0.027 higher. Barrels averaged $1.61, up $0.017. Dry whey prices averaged $0.387, up a penny. Nonfat dry milk averaged $0.838, up $.017.