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MARKETS: Cheese down

MARKETS: Cheese down; Class III futures lower, too
The cash dairy market apparently didn’t like what it saw in yesterday’s July Milk Production report, according to DairyBusiness Update associate editor Lee Mielke. Some analysts say the 1.2% increase in July output was more than expected (others say it was less), but the block cheese price lopped off 4.75¢ this morning, following yesterday’s 2.25¢ loss, and dipped to $1.7075/lb. One carload sold at $1.71/lb., but an uncovered offer at $1.7075/lb. settled the price. Barrels rolled 3.5¢ lower on an uncovered offer, to $1.70/lb.
Butter was unchanged, holding at $1.36/lb.; 1 bid at $1.35/lb. went unfilled; 2 offers at $1.3975/lb. were uncovered.
Grade A nonfat dry milk inched up 0.5¢, on an unfilled bid, and is now trading at $1.80/lb.; while Extra Grade remained at $1.75/lb., with a bid going unanswered.
Today’s market closing prices:
Butter: unchanged, at $1.36/lb.
Cheddar blocks: down 4.75¢, to $1.7075/lb.
Cheddar barrels: down 3.5¢, to $1.70/lb.
Grade A nonfat dry milk: up 0.5¢, to $1.80/lb.
Extra Grade nonfat dry milk: unchanged, at $1.75/lb.
Class III milk: -24¢ to +3¢ through December 2013. Based on current CME closing prices, the August-December 2013 average is $17.42/cwt., with an overall 2013 average of $17.58/cwt.; and the 2014 average is $16.53/cwt.