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Milk futures, cash cheese higher

Class III milk futures at the Chicago Mercantile Exchange were up on an oversold bounce. July was $.01 higher at $15.68, August was up $.05 at $16.52, September was $.07 higher at $16.74, and October was up $.04 at $16.95.

Cash cheese blocks were a $.015 higher at $1.54. Three loads were sold, including at one at $1.54. The last unfilled bid was on one load at $1.53. The last uncovered offer was for one load at $1.60. Barrels were up $.0175 at $1.37. Six loads were sold, including two at $1.37. The last unfilled bid was on one load, also at $1.37. The last uncovered offer was for one load at $1.3725.

Butter was unchanged at $2.645. Seven loads were sold, including four at $2.645. The last unfilled bid was on one load at $2.6275. The last uncovered offer was for one load at $2.65.

Nonfat dry milk was $.01 higher at $.85. Two loads were sold at $.85. The last unfilled bid was on one load, also at $.85. The last uncovered offer was for one load at $.88.

For the second event in a row, the Global Dairy Trade auction index was modestly lower, down 0.4% at an average of $3,303 per ton. Skim milk powder was 4.5% lower and anhydrous milk fat was down 3.5%, while whole milk powder was 2.6% higher and butter milk powder jumped 10.8%. The next event is scheduled for Tuesday, July 18th.

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