Milk futures push $22, cash dairy mixed
Milk futures on the Chicago Mercantile Exchange continue to push higher, closing more than $1 higher in nearby contracts, supported by global optimism, strong cash cheese prices, and expectations for a bullish cold storage report.
June Class III milk up two cents at $21.01. July up $1.01 at $22.19. August up $1.14 at $20.41. September 84 cents higher at $19.04. October through December contracts 13 to 50 cents higher.
Dry whey down $0.0125 at $0.3150. Five trades were made at $0.3150 and $0.32.
Blocks up $0.0525 at $2.7025. Four trades were made at $2.65 and $2.7025.
Barrels up $0.0375 at $2.3225. Two trades were made at $2.32 and $2.3225.
Butter down $0.0175 at $1.8325.
Nonfat dry milk unchanged at $1.0325.
The USDA says dairy stocks are building above year-ago levels with butter setting a monthly record.
Cheese stocks during May totaled a new record high of nearly 1.5 billion pounds, down two percent on the month but up five percent on the year.
Butter inventories were up two percent from April and 21 percent higher than last year at more than 380 million pounds.