Dairy Products Report Follows Mixed Dairy Trade
The USDA released the dairy products report at 2 p.m. with October’s production information. Total cheese production was 2.1% lower than October of 2018, but saw an increase of 4.6% from September to 1.13 Billion lbs.
The report showed both Italian and American type cheeses followed that pattern – below 2018 production but Italian was 2.4% higher than September and American style outpaced it by 6.8%.
The butter churns keep going, butter production was 5.4% higher than 2018 and 13.8% higher than the month prior. With 157 million pounds of butter produced in October.
Nonfat dry milk production was 7% higher than October 2018, skim milk however saw a drop of 9% from a year ago. Dry whey was up 7% over 2018, and lactose followed with 8.1% higher output this year, however whey protein concentrate fell 6%.
The report followed another mixed day in the CME spot market. Butter slipped ¾ of a cent lower to $1.93 ½, cheddar blocks gained 2 ¾ cents to $1.97 ½ with cheddar barrels falling a penny to $2.35 ¼ but no loads traded.
Grade A nonfat dry milk fell a quarter of a cent to $1.24 ¾ and dry whey gained a penny and a quarter to $0.36 ¼ with no loads trading.
Class III milk saw December gain a penny to $19.35, Jan fell a penny to $18.91. Class IV milk fell 4 in December to $16.80, January fell 14 to $17.06.