Milk Prices Hit The $17 Mark
The milk market entered Monday’s session on a higher note as a follow through to Friday’s higher results. Futures ended the session only slightly stronger. June through April 2020 closed even to 6 cents higher.
The second half of 2019 ended at $17.00 per cwt. even. CME spot product markets were nearly unchanged across the board. The only settlements were Grade A nonfat dry milk. Dry milk declined a quarter cent following 7 trades, 7 uncovered bids and 10 offers.
Dry milk ended Monday at $1.04 and a half cents per lb. Butter closed at $2.34, blocks at $1.67 and a quarter, barrels at $1.62 and a half cents and dry whey settled at 34 cents – all unchanged.
The USDA released it’s latest milk production report on Monday afternoon. Highlights of the report included the milking hard fall to 9.328 million. That was down a thousand head from March following a revision to the March number.
March was reported at 9.344 million in the report last month but changed to 9.329 million in today’s report – down 15,000 for March and 16,000 when taking April into consideration. Milk per cow during April came to 1,996 pounds. Total milk production was 18.43 billion, up a tenth of a percent year over year.