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Continued strength in dairy markets

Cash cheese barrels held steady on the Chicago Mercantile Exchange on Wednesday, blocks increased a penny while butter lost 1.5 cents.  Class III futures were slightly lower.

Midwest cheese plants are running at or near capacity and no one seems to be contemplating any change in schedule through the holiday weekend.  Plants continue to add nonfat dry milk to vats to increase volume.  Dairy Market News notes cheese orders from food service and institutional buyers have come in earlier this year.  Last year they held-off waiting for prices to decline…which they didn’t.  Reports are the orders are also quite strong.  It is also noted that despite prices above $2, retail buyers have not backed-off.  Western cheese makers say despite strong production, current stocks are often below current demand.

National Dairy Products Sales Report for the week ending August 23rd: cheddar cheese blocks averaged $2.09 per pound up 5.2 cents from the previous week.  Barrels increased 6.5 cents to average $2.18.  Butter increased 12.2 cents to $2.54, nonfat dry milk decreased 2.3 cents to average $1.79 per pound and dry whey slipped 1.5 cents to 67.4 cents per pound.

 

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