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Cheese lower; Class III futures mixed in a narrow range

MARKETS: Cheese lower; Class III futures mixed in a narrow range
More cheese found its way to Chicago this morning, as 6 cars of block and 6 of barrel found new homes. The blocks closed the day at $1.6625/lb., down 1.25¢. Barrels slipped to $1.63/lb. on three sales before climbing back to close at $1.6425, down 2¢ on the day and a more typical 2¢ block/barrel spread. Cash butter remained at $1.5250/lb. on two uncovered offers. Grade A nonfat dry milk remained at $1.74/lb. on four sales; Extra Grade was also unchanged, holding at $1.71/lb., with no activity.
Looking ahead on the week, the California Department of Food and Agriculture is scheduled to announce the state’s August Class 1 milk prices tomorrow, and USDA issues its monthly World Agricultural Supply and Demand Estimates report on Thursday.
Today's market closing prices:
Butter: unchanged at $1.5250/lb.
Cheddar blocks: down 1.25¢, to $1.6625/lb.
Cheddar barrels: down 2.0¢, to $1.6425/lb.
Grade A nonfat dry milk: unchanged, at $1.74/lb.
Extra Grade nonfat dry milk: unchanged, at $1.71/lb.
Class III milk: -5¢ to +3¢ through October 2014. Based on current CME closing prices, the 2013 average is $17.85/cwt.; and the 2014 average is $17.15/cwt