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Cheese jumps, but Class III futures lower

Cheese jumps, but Class III futures lower

Cash cheese prices jumped this morning, a surprise to many, according to DairyBusiness Update associate editor Lee Mielke. The 40-lb. blocks and 500-lb. barrels were each bid up 2.75¢, to $1.81/lb. and $1.80/lb., respectively. One unfilled bid of each was all it took.
Cheddar blocks had seen three sessions of inactivity in the Labor Day-shortened week, but t came to life this morning and closed 2.75¢ higher on the day and on the week, and just 2¢ below a year ago. Cheddar barrels were up 3¢ on the week and 2.5¢ above a year ago. No cheese was traded on the week.
Butter, following three sessions of loss, regained 1¢ this morning and closed the day and the week at $1.43/lb. Seven cars traded hands this morning; 2 bids at $1.41/lb. and 1 offer at $1.4350/lb. got no response. Butter is down 0.75¢ on the week and 43.5¢ below a year ago. Eight cars were sold on the week.
Grade A nonfat dry milk was up 1¢ on 2 trades, closing at $1.8150/lb. One bid at $1.81 went unfilled. Extra Grade remained at $1.78/lb., with no activity.
Today’s market closing prices:
Butter: up 1¢, to $1.43/lb.
Cheddar blocks: up 2.75¢, to $1.81/lb.
Cheddar barrels: up 2.75¢, to $1.80/lb.
Grade A nonfat dry milk: up 1¢, to $1.8150/lb.
Extra Grade nonfat dry milk: unchanged, at $1.78/lb.
Class III milk: -25¢ to +3¢ through December 2014. Based on current CME closing prices, the September-December 2013 average is $17.53/cwt.; with an overall 2013 average of $17.66/cwt.; and a 2014 average of $16.78/cwt.
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