Economic - Markets

Butter Storage Stocks Drop Lower

Friday’s milk market again saw softness in the spot trade and futures in anticipation of cold storage report from USDA. June’s cold storage had US butter inventories totaling 332 million lbs. This is a growth of 10 million lbs from May and was larger than our 5 year average change month over month – we average a decrease of 1.1 Million lbs. We estimate to have 54 days of butter currently in storage versus the average of 63 days.

Cheese stocks totaled 1.506 billion lbs in storage. This is a decrease of 6.8 million lbs from May and slightly below our average pull down of 11 million lbs.

The CME spot trade struggled to move higher. Cheddar Blocks held unchanged at $1.91, with barrels falling another 4 cents to $1.92/lb. Butter also fell 1 ¾ cents to $2.90 3/4/lb. Grade A Non Fat Dry milk fell ¼ of a cent to $1.68 1/2/lb with Dry whey unhcanged at $0.45 1/2/lb.

Class III milk Fell 2 cents in July to $22.52. Aug Fell 13 to $20.23, and September fell 28 cents to $19.89/cwt.

Class IV milk was unchanged in July at $25.86, August fell 3 to $24.47, with September down 8 to $23.30/cwt.

With Ever.Ag this is Jenny Wackershauser on Know your markets.

Source: Collect

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Butter Storage Stocks Drop Lower

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