On the Chicago Mercantile Exchange Milk futures were again higher Thursday supported by strengthening 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 $0.0950 at $1.70. Three trades were made ranging from $1.6750 to $1.70. Barrels up $0.0350 at $1.50. Eight trades were made ranging from $1.47 to $1.50. Butter down $0.0250 at $1.45. Twenty-six trades were made ranging from $1.45 to $1.4725. Nonfat dry milk up $0.0275 at $0.97. Four trades were made ranging from $0.96 to $0.97. Dry whey unchanged at $0.31.