California Class 1 prices up slightly for July

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CME daily closing prices

Daily CME Cash Trading on Tuesday, June 10, 2014

 

 

 

Daily

 

Close

Change

 

($/lb.)

(¢/lb.)

Cheddar barrels

1.9700

-0.25

Cheddar blocks

2.0600

n.c.

NFDM Grade A

1.8575

n.c.

Butter Grade AA

2.2100

n.c.

 

California July Class 1 prices up 3¢

The California Department of Food & Agriculture announced the July Class 1 price for the North at $25.13/cwt., with the South price at $5.40/cwt. Both are up 3¢ from June 2014, and $5.54 more than July 2013.

Through the first seve months of 2014, the North average Class 1 price is $24.62/cwt., up from $19.82/cwt. for the same period of 2013.

The January-July 2014 South average is $24.89/cwt., up from $20.09/cwt. for the same period a year ago.

The July federal order Class I base price will be announced June 18.

 

CWT assists with 3.9 million lbs. of cheese, butter, WMP export sales

Cooperatives Working Together (CWT) accepted 12 requests for export assistance to sell 2.138 million lbs. of cheddar, Gouda and Monterey Jack cheese, 440,925 lbs. of butter (82% butterfat) and 1.250 million lbs. of whole milk powder (WMP).

Bids were accepted from CWT-member co-ops Dairy Farmers of America and Northwest Dairy Association (Darigold) to sell dairy products to customers in Asia, South America and North Africa. The products will be delivered June through November 2014.

Year-to-date, CWT has assisted member cooperatives in selling 56.403 million lbs. of cheese, 46.725 million lbs. of butter and 12.022 million lbs. of WMP to 40 countries on six continents. These sales are the equivalent of 1.651 billion lbs. of milk on a milkfat basis.

 

Webinar to analyze June 30 USDA crop reports

USDA will release latest Crop Acreage and Grain Stocks reports on June 30. University of Illinois ag economists Darrel Good and Scott Irwin will host a webinar, July 1, 8-9 a.m. (Central) to interpret the numbers and discuss potential market impacts.

The estimate of June 1 stocks of corn and soybeans will provide a clearer picture of total 2013-14 marketing-year consumption, ending stocks and price prospects. The report will be especially important for projecting the magnitude of domestic corn consumption for feed use.

Estimates of planted acreage will clarify prospects for the size of the 2014 corn and soybean crops, with implications for the 2014-15 balance sheets and price prospects.

This webinar is free. However, registration is required to participate. For details and registration information, click here.

 

Midwest milk-feed price ratios decline

Lower alfalfa hay prices relative to other regions of the country helped keep May Midwest milk-feed price ratios higher than the national average. Even the Midwest, however, saw a slight decline in the index compared to April.

Compared to a month earlier, the May index declined across four Midwest states (Iowa, Michigan, Minnesota and Wisconsin), with only Ohio seeing a slight increase, according to Dairy Market News. Ratios ranged from a high of 2.88 in Ohio to a low of 2.60 in Michigan. The national average for May was 2.28.

The index – representing pounds of 16% commercially mixed dairy feed equal in value to 1 lb. of whole milk – is based on current prices for a ration of 51% corn/8% soybeans/41% alfalfa hay.

Across the region, average alfalfa hay prices were $38 (Minnesota) to $59 (Ohio) per ton below the national average of $224/ton. Meanwhile, average milk prices were at or slightly above the $24.70/cwt. national average.



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