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Milk futures higher, cash dairy mixed

Milk futures on the Chicago Mercantile Exchange again closed higher Thursday ahead of USDA’s milk production report, cash trade was mixed.

June Class III milk up 17 cents at $20.92.  July up 67 cents at $20.43.  August up 45 cents at $18.54.  September 28 cents higher at $17.74.  October through December contracts seven to 21 cents higher.

Dry whey up $0.0125 at $0.3125.   Eight trades were made ranging from $0.3125 to $0.3175.

Blocks unchanged at $2.50. 

Barrels down $0.05 at $2.25.  One trade was made at that price.

Butter up $0.0075 at $1.8075. 

Nonfat dry milk down $0.01 at $1.02.  Five trades were made ranging from $1.02 to $1.0250.

Milk production during May was down slightly on the year but up on the month.

USDA says production in the U.S. was down nearly one percent compared last year at more than 18.8 billion pounds with production per cow down 31 pounds from last year. 

The herd size was up 37,000 head on the year but down 11,000 from April.

Michigan continues to have the most productive cows in the nation. New Mexico and Vermont had the largest decrease in milk production during May while South Dakota was up nearly 10 percent, followed by Idaho. 

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