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Milk futures lower, cash dairy mostly steady

Class III milk futures at the Chicago Mercantile Exchange were pressured by follow through selling and supply bearishness. July was down $.12 at $15.70, August was $.19 lower at $16.41, September was down $.21 at $16.57, and October was $.15 lower at $16.82.

Cash cheese blocks were unchanged at $1.51. Eight loads were sold, all at $1.51. The last unfilled bid was on one load at $1.50. The last uncovered offer was for one load at $1.60. Barrels were $.02 lower at $1.35. Four loads were sold, including one at $1.35 and two at $1.37. The last unfilled bid was on two loads at $1.34. The last uncovered offer was for one load $1.355.

Butter was steady at $2.67. The last unfilled bid was on one load at $2.635. The last uncovered offer was for one load at $2.64.

Nonfat dry milk held at $.845. Two loads were sold, one $.845 and one at $.8425. The last unfilled bid was on one load at $.8425.

According to HighGround Dairy, milk production in Australia during May was down 2.8% on the year and 2017 to date production is 7.6% lower.

The USDA’s dairy index for May was up 1.2% on the month and 15% on the year, with an all milk price of $16.70 per hundredweight, an increase of $.20 from April and $2.20 from May 2016.

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