Milk futures lower, cash dairy mixed
Class III milk futures at the Chicago Mercantile Exchange were down on profit taking after a couple of days of gains. July was $.02 lower at $15.63, August was down $.07 at $16.50, September was $.08 lower at $16.91, and October was down $.10 at $17.11.
Cash cheese blocks were up $.015 cents at $1.63. Two loads were sold, one at $1.63 and one at $1.62. Barrels were $.02 higher at $1.4375. 16 loads were sold, including eight at $1.4375. The last unfilled bid was on one load at $1.415. The last uncovered offer was for two loads at $1.4425.
Butter was $.0225 lower at $2.585. 21 loads were sold, including one at $2.585, seven at $2.605, and eight at $2.60. The last unfilled bid was on one load at $2.575. The last uncovered offer was for two loads at $2.59.
Nonfat dry milk was down $.0025 at $.87. 10 loads were sold, including five at $.87 and four at $.8725. The last unfilled bid was on one load at $.8675. The last uncovered offer was for one load at $.90.
The USDA says cash butter for the week ending July 8th averaged $2.65 per pound, up $.081 on the week. 40 pound blocks of cheddar came out at $1.61, down $.029. 500 pound barrels averaged $1.42, $.017 lower. Dry whey was pegged at $.458, down $.018. Nonfat dry milk averaged $.902, $.016 lower.
HighGround Dairy reports milk production in the United Kingdom for the week ending July 1st was up 1.4% on the year, while production in France for the week ending July 2nd was down 4.0%.
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