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Global Milk Prices Push US Markets Lower in Chicago Wednesday


At the Chicago Mercantile Exchange Wednesday class III milk futures were lower on profit taking and demand uncertainties.  Class III Milk fell Wednesday following the lackluster results of the Global Dairy Trade event on Tuesday. August fell 7 cents to $17.50. September fell 10 cents to $16.83 and the second half was off 6 to 10 cents and is averaging $17.54/cwt. Early 2020 also lost 7 to 8 cents each month to finish averaging $16.61/cwt for Jan- March. Class IV milk was stronger. Though August fell 2 cents to $16.60, September gained 8 cents to $16.83, and October gained 6 to $17.02/cwt. 

Cash cheese blocks were steady at $1.8675 and barrels were unchanged at $1.71. The last uncovered offer on barrels was for one load at $1.73. Nonfat dry milk was $.0025 higher at $1.025. Three loads were sold, two at $1.0225 and one at $1.0275. The last unfilled bid was on one load at $1.0225. The last uncovered offer was for one load at $1.025 Butter was $.02 lower at $2.33. One load was sold at $2.325. The last unfilled bid was on one load at $2.33. The last uncovered offer was for one load at $2.35. Dry whey was up $.015 at $.355, with one load sold at that price. The last unfilled bid was on two loads at $.325. The last uncovered offer was for one load at $.36.

Leading up to the August 12th Supply and Demand report grain markets continue to be quiet market. December corn was mixed during trading but finished 1 ½ cents higher to $4.14 even, November soybeans gained a penny to 8.66 ¾. August soybean meal continues to hold under $300 at $293/ton down $2.10.


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