MILK:
Class III milk futures settled unchanged to 11 cents lower. Class IV futures were 2 to 6 cents higher. The United States Dairy Export Council announced their recent export data for August this week. Nonfat dry milk exports declined 59 MT from the previous month to total 64,733 MT. This total is down 17% from the previous year. Lactose totaled 40,101 MT, up 1,202 MT more than July 2022. Compared to a year ago, totals were up 32.7%. Whey exports totaled 58,500 MT, increasing 3,344 from the previous month. This is an increase of 22% from the previous year. Whole Milk Powder was up 1,414 MT to total 4,166 MT. Compared to this time last year, exports grew 51.7%. Whey Protein Concentrate declined 817 MT to total 4,897 MT. Year over year, Whey Protein Concentrate declined 21.3%. Since the previous year, dairy consumption has grown 12.4 pounds per person. In 2021, the average American consumed 667 pounds of dairy, whereas in 1975 it was only 539 pounds – back when reporting first started. Fluid milk still continues its slow and steady decline.
AVERAGE CLASS III PRICES:
| 3 Month: | $21.94 |
| 6 Month: | $21.36 |
| 9 Month: | $21.15 |
| 12 Month: | $21.03 |
CHEESE:
Spot cheese trading wasn't nonexistent. Blocks slipped 0.75 cents to $2.0225 with no loads traded, while barrels declined 2.50 cents to $2.2250 with no loads traded. These lowered prices affected how Class III futures were settled at the end of the week. The USDEC reported cheese exports increasing 1,117 MT to 38,382 MT. Year over year, this is a 5.9% increase. Domestic consumption has also grown in the past year. American type cheese was the 2nd biggest increase in over 20 years, and up 0.5 pounds in intake. General cheese consumption is up 13% in the past decade.
BUTTER:
Butter price fell 5 cents, closing at $3.2175 with 1 load traded. Grade A nonfat dry milk and dry whey were both unchanged, closing at $1.5400 and $0.4225 respectively. Both had 1 load traded. The USDEC reported butter exports have increased 449 MT from July 2022 to total 7,888 MT. This amount increased 71% from a year ago. General butter intake increased 18% in the past decade.
OUTSIDE MARKETS SUMMARY:
December corn futures increased 7.75 cents to settle at $6.8325 per bushel. November soybeans settled at $13.6700, up 9 cents. October soybean meal increased $7.50 to $404.90 per ton. December wheat was up 1.25 cents to close at $8.8025. Live cattle futures for October were unchanged at $145.33. November crude oil increased $4.22, settling at $92.67 per barrel. The DOW declined 630 points to 29,296, and NASDAQ fell 420 points to 10,652.
