USDA’s Cold Storage Report Drops The Markets
USDA’s monthly cold storage report was released Wednesday afternoon. Total natural cheese stocks in July totaled 1.4 billion, up 3% from a year ago and 2% from last month. Butter stocks fell 6% from last month but gained 3% from last year.
Butter came in at 318 million pounds. Beef supplies were 485 million, up 12% year over year at 8% ahead of the prior month. CME spot product markets on Wednesday had blocks up 2 cents following 3 trades to $1.63 and ¾ cents per lb. Barrels softened a half cent to $1.56 and ½ cents after 1 trade. Butter markets added 1 and ¼ cents and settled at $2.25 per lb.
Grade A nonfat dry milk lost ¾ cents and closed at 87 and ½ cents per lb. Dry whey was bid ¼ cents higher to 45 cents per lb. Class III milk futures were a penny lower in August at $15.00 even. September moved 4 cents higher while the 4thquarter weakened 3-9 cents. The price for 2019 had February down a penny and the last half up 2-7 cents per cwt.
The Class IV market was 2 cents lower in August at $14.68 per cwt. and down 14-16 cent in September through December. January fell 3 cents and August 2019 through December 2019 declined 4-15 cents per cwt.