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Milk futures lower, cash dairy trade mixed

Milk futures on the Chicago Mercantile Exchange closed lower in a typically turnaround Tuesday fashion fixing overbought positions.

September Class III milk unchanged at $16.59. October down 23 cents at $17.27. November 24 cents lower at $17.11. December down 14 cents at $17.48. January through March contracts three cents lower to unchanged.

Dry whey down $0.0050 at $0.5250. One sale was made at that price.

Blocks down $0.0150 at $1.80.

Barrels up $0.0250 at $1.4875. Two sales were made at $1.4825 at $1.49.

Butter up $0.0250 at $1.8275. Five sales were made from $1.82 to $1.8275.

Nonfat dry milk down $0.0225 at $1.3375. Three sales were made from $1.3325 to $1.3375.

The U.S. dairy industry is supporting Elaine Trevino as the Chief Ag Negotiator of the U.S. Trade Representative saying she has the right background and understanding of trade’s importance to agriculture.

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