Dairy Markets Week in Review
The cash dairy markets in Chicago saw little change the second week of June Dairy Month but milk futures saw heavy losses across the board. The block cheese price closed Friday at $1.15 per pound, up a quarter-cent on the week, but 89 cents below a year ago, that’s when the blocks tumbled 12 cents, to $2.04.
The barrels finished the week at $1.0925, down three quarters of a cent and $1.0575 below a year ago. Sixteen cars of block were traded on the week and nine of barrel. The lagging, NASS-surveyed, U.S. average block price was up slightly, to $1.1426, and barrel averaged $1.1092, up 1.1 cent.
Butter closed Friday at $1.2275, down 2 1/2-cents on the week, and 25 cents below a year ago. Twenty seven cars were sold on the week. NASS butter averaged $1.2276, down 2.4 cents. NASS nonfat dry milk averaged 83.84 cents, down a half-cent, and dry whey averaged 26.39 cents, up 1.9 cents on the week.
Cash Grade A nonfat dry milk closed at 90 cents per pound, down a quarter-cent on the week, while Extra Grade remained at 87.50 all week.
Price support purchases totaled 6.8 million pounds of nonfat dry milk. That raised the years cumulative total to 250.4 million. Uncle Sam has not sold the butter yet that was purchased earlier this year under the support program.
Provided courtesy of Dairyline.