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Milk Futures, Cash Dairy Mostly Lower

Friday, August 12th, 2016

In Class III trade at the Chicago Mercantile Exchange, milk futures were mostly lower, with the most active months down on follow through selling and position squaring ahead of Friday’s USDA supply and demand report. August was down $.01 at $16.97, September was $.08 lower at $17.10, October was down $.12 at $16.77, and November was $.10 lower at $16.44.

Cash dairy may have run out of steam for the time being. Cash cheese was unchanged. Blocks held at $1.79 with five trades reported. The last uncovered offer was for two loads at $1.80. Barrels were steady at $1.88. The last uncovered offer was for one load at $1.89. Butter was unchanged at $2.22. The last uncovered offer was for one load at $2.25. Nonfat dry milk was down $.0025 at $.8425. The last uncovered offer was for one load at that price.

California’s Department of Food and Agriculture reports the minimum September prices for Class 1 milk will be $18.12 per hundredweight in Northern California and $18.39 in Southern California. The commodity reference price for September Class I pricing was $18.59.

Source: Brownfield Ag News

(T1, D1)

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