Global Dairy Trade Auction Falls Nearly 4%
Event 238 of the Global Dairy Trade took place on Tuesday with the overall index declining 3.8%. This is the third straight session of lower trade. Rennet Casein was the lone product to trade higher and gained 2.3%. Butter led products lower falling, 5.7% to $2.015. Cheddar softened 4.3% to $1.715 per lb. Skim milk powder dropped 3.5% and whole milk powder fell 4.3% respectively.
The CME spot product trade had cheese markets 3 cents higher in blocks and 4 higher in barrels. Blocks ended at $1.78 and barrels settled at $1.645 per lb. Butter lost 1.5 cents and closed at $2.3625. Grade A nonfat dry milk declined a quarter cent to $1.05 per lb. Dry whey was also down a quarter cent.
Class III milk markets ended Tuesday on a slightly lower tone. June milk lost a penny while July added 5 cents and the remainder of the year dropped 1-8 cents per cwt. The second half of 2019 settled at $17.20 per cwt. The Class IV market trade finished with July 16 cents lower, September down 9, and October 8 cents softer.
The USDA released their monthly milk production report for the month of May. Cow numbers grew by 5,000 to 9.33 million – up 5,000 from April. Milk per cow in May was 12 pounds more than a year ago. Total milk production came in just off 19 billion pounds, four tenths of a percent below year ago levels.