Both the Cold Storage and Milk Production reports were released this afternoon. U.S. Cheese inventory totaled 1.435 billion lbs. Cheese stocks decreased from May until June by 23 million lbs. The 5 year average draw down is 6.2 Million.
Butter stocks totaled 414 million lbs in June, just 2.6 million more than the month prior. The five year average for May to June is a draw down of half a million lbs.
U.S. Milk production in June was up 2.9% over the prior year. And we have 9.508 million cows, this is a drop of 1,000 from May, however in the last year we have built the herd up by 153,000 cows.
Prior to the info drop, Milk had a good day on the CME. The Spot trade saw Cheddar Blocks gain 2 cents to $1.54 ¼, Barrels moved 6 loads but held unchanged at $1.37 ¼ with Butter falling 3 ¼ cents to $1.69 1/2/lb.
Grade A Non Fat Dry milk gained ¾ of a cent to $1.24 ½, and Whey gained half a penny to $0.53 3/4/lb.
Class III Milk had July sliding 8 to 16.57, but August bounced up 29 to 16.39, Sept up 22 to 16.82 and October gained 14 cents to 17.54/cwt.
Class IV was mostly unchanged, July at 15.96, August gained 8 to 15.86, and September unchanged at 15.86/cwt.