Mon, 29 Sep 2008 22:11:00 GMT
4th quarter Class III contracts dropped 63¢, erasing most of Sept.’s gains. Contracts covering the first half of 2009 fell 47¢ to an average of $16.00.
Corn and soybean futures were limit-down today at -30¢ and -70¢, respectively. The U.S. stock markets fell 7-9% after the House failed to pass legislation aimed at bailing out the troubled financial sector.
Mon, 29 Sep 2008 16:27:00 GMT
The ERS released its estimates of the August Feed cost per cwt of milk data. This information is available for the U.S. as a whole and for the 21 major milk producing states. As an example, for Wisconsin, the August feed cost is estimated to be $11.35. In January this value was $8.79 .
Mon, 29 Sep 2008 14:56:00 GMT
Trade officials from the US, New Zealand and three other countries on Monday announced the launch of negotiations for the US to join the comprehensive Trans-Pacific Strategic Economic Partnership Agreement. Dairy and farm organizations from New Zealand welcomed the announcement, while the National Milk Producers Federation (NMPF) said it would seek the full exlusion of New Zealand’s dairy products under the trade agreement because of what it called the New Zealand dairy industry’s unique structure and “excessive manipulation” of dairy markets globally and in the US.
Mon, 29 Sep 2008 14:50:00 GMT
With the release of the Oct. advanced prices, the new make allowances were allowed to go into effect.
US District Judge Emmet G. Sullivan on Sept. 19th denied a request from several dairy cooperatives and dairy farmers for a preliminary injunction against new federal milk marketing order make allowances. Sullivan’s ruling was quickly appealed, but a three-judge panel of the US Court of Appeals for the District of Columbia denied the emergency motion for an injunction pending appeal.
For more detail concerning the denial of the Federal Injunction request, click here.
Mon, 29 Sep 2008 12:17:00 GMT
For an extended news article about the China milk situation, click here.
Tue, 23 Sep 2008 15:25:00 GMT
Using the new make allowances, the USDA has released the Oct. Advanced Class I price. This price is $15.53 which represents a $2.12 drop from the Sept. value and $6.06 drop from the Oct. 2007 value. The advanced Class IV price determined the mover this month.
Mon, 22 Sep 2008 19:42:00 GMT
NASS’s August Cold Storage report was released this afternoon. Butter stocks were down 10% from July and down 15% from a year ago.
Fri, 19 Sep 2008 11:23:00 GMT
August milk production in the 23 major States was 14.5 bil. lbs, up 1.5% from August 2007.
Production per cow in the 23 major States averaged 1,717 pounds for August, 2 pounds below August 2007.
The number of milk cows on farms in the 23 major States was 8.47 million head, 137,000 head more than August 2007, but 3,000 head less than July 2008.
Thu, 18 Sep 2008 11:57:00 GMT
CME Spot butter was bid to $1.70 yesterday. This is the highest price since Sept. 23, 2005. Demand remains strong both for domestic use as marketers stock up for holiday needs and for export.
Thu, 18 Sep 2008 11:31:00 GMT
Yesterday, the USDA published the following news release: The announcement of “Advanced Prices and Pricing Factors” for the month of October 2008, originally scheduled for Friday, September 19, 2008, will now be made by Tuesday, September 23, 2008. USDA agreed to delay the announcement at the request of the U.S. District Court for the District of Columbia in order to provide sufficient opportunity for consideration of the motion for preliminary injunction pending before that Court, which seeks to enjoin implementation of the revised manufacturing allowances contained in the Interim Final Rule published in the Federal Register July 31, 2008 (73 FR 44617). The announcement of September Class III and Class IV prices and the Class II butter price scheduled for October 3, 2008 will not be affected by this delay.
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