On the Chicago Mercantile Exchange, Milk futures were mostly higher Wednesday supported by a return in positive cash cheese prices. Class III milk futures rose 30 cents in August following the National Dairy Product sales report on a strong basis number in the cash market. Fourth-quarter 2020 rose 10-20 cents per cwt. to an average of $16.70 per cwt. First half 2021 struggled, losing 5-10 cents per cwt.
After a month of consistently lower prices in both the cheddar blocks and barrel market, cheese finally found some support. Blocks up $0.0250 at $1.6050. Four trades were made ranging from $1.60 to $1.6050. Barrels up $0.02 at $1.4650. Thirteen trades were made ranging from $1.4450 to $1.48. Butter down $0.0475 at $1.4750. Nine trades were made ranging from $1.47 to $1.4850. Nonfat dry milk up $0.0025 at $0.9425. Fourteen trades were made at $0.94 and $0.9425. Dry whey unchanged at $0.31.