Class III Up 8 Cents
The USDA released the October milk production report on Monday. U.S. milk production rose 1.4% following continued growth in milk production per cow. On average each cow within the nation's herd produced 1,894 pounds in the month of October. That represents a 1% growth over last year's October production.
Cow numbers on the other hand moved in the other direction. That figure was reported at 9.4 million head, the same number reported last month. USDA revised last month's numbers to reflect a 9.401 million head figure.
October's reported growth continues a trend of growing milk production that has been in place for nearly four years. Prior to the release of this report, the CME spot dairy trade saw mixed results. Blocks settled 2 cents lower at $1.60, barrels were up 1 1/4 cents to $1.64. Butter dropped 1/2 cent to $2.21, and grade A nonfat dry milk registered a final price of 71 1/2 cents, a penny lower than Friday's finish. That's the second lowest price since the spring of 2016.
Class III markets improved 8 cents in the midst of this, rising to $14.76 in the average of the first six months of 2018. Class IV markets finished unchanged at $14.25 through that same period.