In Class III trade at the Chicago Mercantile Exchange, milk futures were mixed, with February through July 2016 posting modest gains. February was up $.03 at $13.91 and March was $.03 higher at $13.88, while April was $.07 higher at $13.97 and May was up $.02 at $14.27.
Over in the spot market, cash cheese was unchanged. Barrels held at $1.45 and blocks stayed at $1.46.
Butter was up $.0025 at $2.10. There were two loads sold at that price and the last bid unfilled was on one load, also at $2.10.
Grade A nonfat dry milk was down one and a half at $.695. There were a total of six loads sold, from $.69 to $.705, with two loads selling at the closing price. The last bid unfilled was on one load at $.6925.
The Global Dairy Trade price index continues to slide, down 7.4% on Tuesday, reflecting the available global supply and uncertainty about demand. The average price was reported at $2,276 per metric ton, with more than 24,000 tons sold. All products were lower, including a more than 10% drop in whole milk powder and more than 8% decline in butter. The next auction is scheduled for Tuesday, February 16th.
Source: Brownfield Ag News
