As a result of commercial spread activity, Class III milk futures were firm to higher on Wednesday at the Chicago Mercantile Exchange. July was up $.01 at $14.25 and most active August was $.09 higher at $15.09, while September gained $.17 at $15.62 and October jumped $.27 to $15.94.
In Wednesday’s spot product market, butter, Grade A nonfat dry milk and dry whey all closed unchanged. Cheddar blocks added 1 and ¼ cents to $1.54 even. Cheddar barrels dropped 6 and ½ cents to $1.31 per lb. with 5 loads trading hands. Futures markets on dairy products far outpaced cash sessions as futures traded 1-3 cents higher in cheese and nonfat dry milk was up ½ cents to 1 penny.
