Friday’s cold storage report gave us a mixed bag of information after a fairly bullish milk production report earlier this week. Cheese again struggles to clean out inventories. Total Cheese stocks sit at 1.458 billion lbs of cheese. This is up 1.8% from August. Compare this to a typical 5 year average where we decreased from August at a rate of 4.5 million lbs.
Butter however came in at 330 million lbs in cold storage this is down 4% year over year and down 9% from August. This is a larger pull back than we generally see this time of year.
The CME spot trade was mixed with Cheddar blocks gaining 5 cents but on only 1 load trading at $1.81/lb with Barrels up ¼ of a cent to $1.86 ¼ on 8 loads trading. Butter was down a penny to $1.83 ½ with 3 loads trading hands.
Grade A Non fat Dry milk gained a penny to $1.53 ¾ with Whey up ¾ of a cent to $0.61 3/4/lb.
Class III milk sold off after large gains on Thursday. October fell 3 cents to 17.87, November fell 33 to 19.58, and December fell 21 cents to 18.72/cwt.
Class 4 milk continued its climb higher. October held unchanged 17.05, November unchanged at 18.29, but December gained 17 cents to 18.65/cwt.
