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Thursday...Temperatures will range from a high of 73 to a low of 48 degrees with clear skies. Winds will range between 3 and 8 miles per hour from the eastsoutheast. No precipitation is expected.
This Afternoon ...Temperatures will range from 69 to 73 degrees with clear skies. Winds will remain steady around 6 miles per hour from the east. No precipitation is expected.
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Friday...Temperatures will range from a high of 78 to a low of 56 degrees with partly cloudy skies. Winds will range between 3 and 9 miles per hour from the westsouthwest. No precipitation is expected.

Class III milk futures dip as spot market prices hold

April 19, 2012 | 0 comments

Class III milk futures continued to post losses in trading on the Chicago Mercantile Exchange through Wednesday of this week.

However, prices in the spot market for Cheddar cheese were stabilizing and dry whey futures showed a bit of strength for nearby months.

Monthly contract lows of $14.76 per hundred for May and $14.47 for June were on the board at the close of the market day on Wednesday following losses of 7 and 24 cents per hundred, respectively during the day.

Other per hundred closing prices were $15.80 for April, $15.14 for July, $15.85 for August, and in the low $16s for all months from September 2012 through April of 2013.

In the Cheddar cheese spot market on Wednesday, blocks gained one cent to close at $1.50 per pound as a result of an unfilled bid to buy.

Cheddar barrels remained at $1.46 per pound following the day's activity of three carload sales and an uncovered offer to sell one carload.

The Cheddar barrel price had bounced back and forth late last week - losing 5.25 cents per pound during five carload sales and an unfilled bid to buy five carloads on Thursday.

It then regained those 5.25 cents on Friday thanks to an unfilled bid to buy.

Non-fat dry milk prices also took a hit last week Thursday and Friday. For both Grade A and Grade Extra, the spot market price fell by a total of 7.25 cents per pound on those two days.

After uncovered offers to sell one carload of each on Wednesday of this week, the prices stood at $1.1775 per pound for Grade A and $1.1575 for Grade Extra.

The AA butter spot market price slid by 1.25 cents per pound on Wednesday of this week. The day's closing price was $1.4125 per pound after one carload sale and unfilled bid to buy.

Dry whey futures posted modest gains for April and May on Wednesday, putting the prices at 59 and 50.950 cents per pound respectively.

Prices declined for all months from June through October of 2012, however, leaving them in the low 40s per pound by July and in the high 30s for all months but January in 2013.

A producer price differential of 26 cents per hundred - reduced to 11 to 21 cents for most milk receiving plant locations - has been announced for milk pooled during March in Federal Milk Marketing Order 30 (Chicago).

Of the more that 2.938 billion pounds of milk pooled for the month, 84.1 percent was used in Class III, 11 percent in Class I, and a total of 4.9 percent in Class II and IV. That milk had averages of 3.77 percent butterfat, 3.07 percent protein, and 5.76 percent other solids.

Cooperatives Working Together has received a total of 16 bids for price assistance on dairy product exports by Bongard's Creamery, Darigold, United Dairymen of Arizona, Foremost Farms, Dairy Farmers of America, Upstate Niagara of New York, and the Michigan Milk Producers Association.

The bids cover the planned export of 1.807 million pounds of Cheddar and Monterey Jack cheese and 1.074 million pounds of butter to countries in Central America, North Africa, Asia, and the Middle East from April to September.

The national milk production numbers for March were released yesterday afternoon (April 19).

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