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Milk futures, cash dairy lower

Milk futures on the Chicago Mercantile Exchange were again limit down Wednesday pressured by declining global markets and significant declines in cash trade ahead of a bearish dairy product report.

August Class III milk down a dollar to $19.28.  September down $1.50 at $16.67.  October 89 cents lower at $16.81.  November 51 cents lower at $16.46.  December through February contracts 26 to 28 cents lower.

Dry whey unchanged at $0.33. 

Blocks down $0.1475 at $1.93.  Thirteen sales were made ranging from $1.93 to $2.05.

Barrels down $0.2050 at $1.8150.  Five trades were made at $1.8150 and $1.87.

Butter down $0.1550 at $1.4250.  Twenty-five trades were made ranging from $1.4250 to $1.50.

Nonfat dry milk down $0.02 at $0.9450. 

The Global Dairy Trade auction index in New Zealand posted one of the post significant declines since the beginning of the year. The index dropped more than five percent to $3,045 per ton. Nearly a six percent gain in lactose and three percent increase in anhydrous milk fat was offset by declines in whole milk powder, -7.5 percent, butter milk powder, -6.5 percent, and cheddar, -5.3 percent.  Skim milk powder and butter were also down at the biweekly event.

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