Market News

Milk futures lower, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange closed lower Friday while the block premium over barrels in the cash market climbed to the second largest on record.

September milk closed unchanged at $16.11.  October was down 15 cents at $15.80.  November six cents lower at $16.31.  December down eight cents at $16.13.  January through next August contracts closed eight cents lower to unchanged.

Barrels were down $0.0175 at $1.3825.  Ten trades were made ranging from $1.3825 to $1.4025.

Blocks were $0.03 higher at $1.69.

Butter was unchanged at $2.32.

Dry whey closed up $0.0050 at $0.55.  On trade was made at that price.

Nonfat dry milk remained unchanged at $0.8750.  Two trades were made at $0.8675 and $0.8750.

The USDA says cash dairy prices ended the week higher except for barrel cheese.  In the weekly dairy market news recap, the agency says butter production is stable with demand from retail and food service sectors increasing.  Cheese production is mixed with freight costs a major concern for cheese makers.  Fluid milk stable in most areas expect the Northeast and Midwest, some cream is moving East to areas impacted by Hurricane Florence.  Prices in the dry product market are flat to decreasing while inventories are improving.