MARKETS: Blocks up
MARKETS: Blocks up; Class III futures mostly slightly higher
Traders in the cash dairy markets had slim pickings for news to feed on this week, but were anticipating next Monday afternoon’s July Milk Production report, according to DairyBusiness Update associate editor Lee Mielke.
The block cheese price ended the week on an “up” note, recouping 0.75¢ this morning to close at $1.7775/lb. It’s down 2¢ on the week (ending six weeks of gains) and 9.25¢ below a year ago. 5 cars traded hands this morning; 1 offer was left on the board.
The cheddar barrel price was unchanged today, holding at $1.7650/lb. Barrels were unchanged on the week, but 7¢ below a year ago.
Butter gave up another 1¢ this morning and finished the week at $1.37/lb., down 2.75¢ on the week, 42.25¢ below a year ago, and the lowest it”s been since May 2012. 1 car was sold this morning; 2 bids went unanswered. Only 2 cars were sold on the week.
Cash Grade A nonfat dry milk and Extra Grade held at $1.7950/lb. and $1.75/lb. respectively, with no activity. Grade A was up 0.25¢ on the week; Extra Grade was unchanged all week.
Today’s market closing prices:
Butter: down 1¢, to $1.37/lb.
Cheddar blocks: up 0.75¢, to $1.7775/lb.
Cheddar barrels: unchanged, $1.7650/lb.
Grade A nonfat dry milk: unchanged, at $1.7950/lb.
Extra Grade nonfat dry milk: unchanged, at $1.75/lb.
Class III milk: -10¢ to +19¢ through December 2014. Based on current CME closing prices, the average for August-December 2013 is $17.74/cwt., with an overall 2013 average is $17.74/cwt.; and the 2014 average is $16.58/cwt.