Wautoma, WI
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0:56 AM CDT
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07:19 a.m.
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Evening Forecast (7:00pm-Midnight)
Temperatures will range from 40 to 35 degrees with clear skies. Winds will remain steady around 7 miles per hour from the east. No precipitation is expected.
7-Day Forecast
Tuesday
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Detailed Short Term Forecast
Issued at 0:56 AM CDT
Tuesday...Temperatures will range from a high of 40 to a low of 33 degrees with mostly clear skies. Winds will range between 5 and 7 miles per hour from the east. No precipitation is expected.
Overnight ...Temperatures will remain steady at 34 degrees with mostly clear skies. Winds will remain steady around 6 miles per hour from the east. No precipitation is expected.
Wednesday...Temperatures will range from a high of 55 to a low of 33 degrees with mostly clear skies. Winds will range between 2 and 3 miles per hour from the southsoutheast. No precipitation is expected.

Dairy commodity prices drop; CME sale volumes increase

June 11, 2014 | 0 comments

CHICAGO , IL

The trading session for dairy commodities on Wednesday of this week in the spot market on the Chicago Mercantile Exchange (CME) was a busy one both in terms of volume and price movement.

As has been the case often in recent weeks, AA butter grabbed the spotlight on the CME with the sale of 25 carloads on Wednesday while a bid for five more carloads was not filled. The price dropped by 2.5 cents per pound to $2.1850 during all of that activity.

Three carloads each of Cheddar cheese blocks and barrels were sold in the spot market on Wednesday. The block price fell by 3 cents to $2.03 per pound while the barrel price lost 1.25 cents to close at $1.9575 per pound. A bid for two carloads of blocks was not filled.

The Grade A non-fat dry milk spot market was quiet. For the fourth consecutive trading day, the price stood at $1.8575 per pound.

Futures markets

Despite the downturn in dairy commodity prices, the Class III milk futures posted gains for all remaining months of 2014 on contracts traded well into the afternoon on Wednesday. The price increases included 37 and 30 cents per hundred for July and August, respectively.

With a gain of 4 cents per hundred, the June Class III milk futures were trading at $21.32 per hundred. That's $1.07 per higher than the standing high record Class III cash price for June, which was set in 2007.

The price gains on Wednesday put the Class III futures at $21.08, $20.79, and $20.63 respectively for July, August, and September. All of those would fall somewhat short of the record high cash prices for those months which were established in 2011 and 2007.

For the remainder of 2014 through November of 2015, the Class III futures were trading in a downward price arc for $20.18 in September 2014 to $18 for November of 2015.

Dry whey futures prices were mixed on Wednesday. This put them at a high of 67.3 cents per pound for June, at 59.5 cents for September, and at 48.5 cents or above for all subsequent months through December of 2015.

Record price run

For the fifth consecutive month, a record high Class III milk cash market was achieved when the May price came in at $22.57 per hundred. This was down by $1.74 from April but $4.05 per hundred above the May 2013 Class III cash price. During the first five months of 2014, the Class III milk cash price has averaged $22.94 per hundred, up by $5.26 from 2013 for those months.

A report by the Wisconsin field office of the National Agricultural Statistics Service indicated that milk produced in Wisconsin during 2013, including that fed to calves and consumed at home on farms, was worth a record high of more than $5.597 billion. That was an increase from the nearly $5.29 billion in 2011.

During both years, the average returns to Wisconsin's dairy farmers for the milk produced on their farms were a record high $20.30 per hundred. The boost in market value resulted from the increase in the state's milk production from 25.779 billion pounds in 2011 to 27.298 billion pounds in 2013.

Export report

On Tuesday of this week, Cooperatives Working Together announced the receipt of a batch of 11 bids from Dairy Farmers of America and the Northwest Dairy Association (Darigold) for financial assistance on the export of 2.138 million pounds of Cheddar, Gouda, and Monterey Jack cheese, 1.250 million pounds of whole milk powder, and 440,925 pounds of 82 percent butter. The deliveries, scheduled for June to November, will go to buyers in countries in Asia, South America, and North Africa.

The overall exporting of dairy products made in the United States continues at a record high pace. Statistics released for April indicated an increase of 26 percent, including 32 percent for cheese, compared to April of 2013. The value of the exported products was $688.5 million, placing second among monthly totals, trailing only the $717 million in exports during March of this year.

During the first four months of 2014, the dairy products exported by the United States were worth $2.574 billion. That's an increase of 35 percent for the same period in 2013.

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