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Milk futures, cash dairy mostly lower

Milk futures on the Chicago Mercantile Exchange closed mostly lower Thursday following negative movement in the cash market.

December Class III milk up two cents at $19.37.  January 31 cents lower at $18.60.  February 29 cents lower at $17.91.  March down 29 cents at $17.49.  April through July contracts nine to 20 cents lower.

Dry whey unchanged at $0.3675. 

Blocks down $0.0025 at $1.9725. 

Barrels down $0.01 at $2.2425.

Butter down $0.02 at $1.9150.  Two trades were made at $1.9150 and $1.92.

Nonfat dry milk unchanged at $1.2475.  Five trades were made at $1.2450 to $1.2475.

The USDA says October dairy product production inventories are building compared to the previous month and mixed on the year.

Total cheese production was slightly above one billion pounds, down 2.1 percent from last year but up 4.6 percent from September.  Italian cheese production was down slightly from last year and American cheese was down more than three percent, but both were above last month.

Butter production totaled 157 million pounds, up more than five percent from last year and nearly 13 percent above the previous month.

Nonfat dry milk was up more than 11 percent from 2018 and skim milk powder was down nine percent.  Dry whey production was up seven percent.  Lactose was up more than eight percent from last year. 

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