CME Markets Unchanged
The USDA February Cold Storage report was released on Thursday afternoon. Results were as expected following the Milk Production report put out earlier in the week. Natural cheese stack and refrigerated warehouse on February, 28 2018 totaled 1.3 billion pounds, up 7% from a year ago and 3% above last month's number. Butter stocks landed near 277 million pounds, up 3% from last year and 22% ahead of last month's number. Total beef stocks were shown at 460 million pounds, 8% below both last year and last month.
CME spot product markets changed very little on Thursday. In fact, blocks, butter and barrels were all unchanged. Blocks settled at $1.56 1/2, barrels at $1.51 1/2 and butter closed at $2.18 3/4 per pound. Dried whey fell a half cent to 28 3/4 cents per pound while grade A nonfat dry milk added a quarter cent move to 69 1/4.
Class III milk futures sold off Thursday. March fell nine cents while April through July futures were down 17 to 22 cents per cwt. August to December dropped eight to 12 cents. First quarter 2019 was also down two to 8 cents.