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Cheese steady, but nearby Class III futures tumble

Cheese steady, but nearby Class III futures tumble

The cash cheese and powder markets were quiet this morning as the dust settled over the Fonterra whey protein concentrate issue and awaited results from today’s Global Dairy Trade event, according to DairyBusiness Update associate editor Lee Mielke.
Block cheese remained at $1.78/lb., following Monday’s 0.5¢ advance. One offer at $1.7825/lb. this morning went uncovered. Barrels held at $1.7925/lb., following yesterday’s 2¢ jump, leaving a 1.25¢ inverted spread. There was no activity in the barrels.
Butter dropped 2¢, to $1.42/lb.; 1 bid at $1.39/lb. went unfilled, but an offer took it down and got no takers.
Grade A nonfat dry milk held at $1.7825/lb. and Extra Grade remained at $1.73/lb., with no activity reported.
Today’s market closing prices:
Butter: down 2, to $1.42/lb.
Cheddar blocks: unchanged, at $1.78/lb.
Cheddar barrels: unchanged, at $1.7925/lb.
Grade A nonfat dry milk: unchanged, at $1.7825/lb.
Extra Grade nonfat dry milk: unchanged, at $1.73/lb.
Class III milk: all lower through August 2014, with September-December 2013 contracts down 27¢ to 70¢/cwt. Based on current CME closing prices, the average for August-December 2013 is $17.51/cwt., with an overall 2013 average is $17.62/cwt.; and the 2014 average is $16.69/cwt.
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