November 2, 2018

Skim Milk More Than Doubles to 48.7 Million Pounds

 |  By: Know Your Market

The USDA released its monthly dairy products report on Thursday. Cheese output for the month of September totaled 1.06 billion pounds, up 3.1% compared to September 2017 but 2% lower than the previous month. Butter production was reported at a steady 134 million pounds, down .1% year over year and .3% above August 2018. 


Nonfat dry milk production fell 21% compared to September 2017 while skim milk powder jumped 67% to 48.7 million pounds. Whey output fell 22% to 71.3 million while lactose came in at 87.9 million pounds, down 7.4%. 


Dairy spot product markets saw cheddar barrels lose some of the momentum that was built the previous couple of days falling 3 and ½ cents after 7 loads moved from seller to buyer. Barrels closed at $1.34 per lb. Blocks had 1 trade and 1 uncovered bid which added a quarter cent to the ending price of $1.45 and 3/4 cents. 


Butter was unchanged at $2.30 per lb. Grade A nonfat dry milk closed at an even 90 cent per lb. up ¾ of a cent Friday. Dry whey lost another quarter cent following 6 trades and settled out at 44 and ½ cents per lb.


Class III milk futures were 10 cents lower in November and down 3 cents in December, respectively. January-December 2019 ranged from even in January to 6 cents higher. Class IV saw limited changes. 

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