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Mielke’s daily look at the markets

Mielke’s daily look at the markets
(A daily wrap-up of dairy markets and the things affecting them, from DairyBusiness Update associate editor Lee Mielke)
The only scheduled USDA report this week is the World Agricultural Supply and Demand Estimates report, scheduled for Friday afternoon, but that’s been suspended due to the government shutdown.
There will be no November California Class 1 milk price announcement either from the California Department of Food and Agriculture, because it’s being delayed until Oct. 22.
Cash cheese was quiet this morning at the Chicago Mercantile Exchange. The blocks and barrels held at their respective levels: blocks at $1.76/lb., following yesterday’s 0.5¢ loss; and barrels r at $1.7225/lb. after losing 2.75¢ yesterday. There was no action whatsoever.
The butter price took a fall, giving up 4.5¢, and is now trading at $1.57/lb. Holiday buying may be cooling a bit, however four cars were sold today. One offer was left uncovered.
Cash Grade A nonfat dry milk held at $1.8450/lb. this morning, and Extra Grade remained at $1.78/lb., with no activity in either market.
Today’s market closing prices:
Butter: down 4.5¢, to $1.57/lb.
Cheddar blocks: unchanged, at $1.76/lb.
Cheddar barrels: unchanged, at $1.7225/lb.
Grade A nonfat dry milk: unchanged, at $1.8450/lb.
Extra Grade nonfat dry milk: unchanged, at $1.78/lb.
Class III milk: near-term contracts slightly higher. Based on current CME closing prices, the Q4  2013 average is $17.85/cwt.; with an overall 2013 average of $17.76/cwt.; and a 2014 average of $16.85/cwt.