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Markets: Barrels Up

Barrels inch up; Class III futures mixed in a narrow range

Cash traders are ruminating on yesterday’s July Dairy Products report, according to DairyBusiness Update associate editor Lee Mielke. FCStone market analyst Derek Nelson commented: “At first glance, the report looks bullish when comparing July's output to June's.”
Cash block cheese was unchanged for the third day in a row this morning, holding at $1.7825/lb., with no activity all 3 days. But, cheddar barrels crept 0.25¢ higher, to $1.7725/lb., on 2 unfilled bids.
Butter dropped 1¢ this morning on a sale after losing 0.5¢ on Tuesday and 0.25¢ yesterday, and is now trading at $1.42/lb. One bid at $1.39/lb. and 1 offer at $1.4225/lb. were left at the close.
Grade A nonfat dry milk was unchanged, holding at $1.8050/lb., following yesterday’s gain of 0.5¢, but a bid at that price went unfilled this morning. Extra Grade remained at $1.78/lb., with no activity.
Today’s market closing prices:
Butter: down 1¢, to $1.42/lb.
Cheddar blocks: unchanged, at $1.7825/lb.
Cheddar barrels: up 0.25¢, to $1.7725/lb.
Grade A nonfat dry milk: unchanged, at $1.8050/lb.
Extra Grade nonfat dry milk: unchanged, at $1.78/lb.
Class III milk: -4¢ to +3¢ through December 2014. Based on current CME closing prices, the August-December 2013 average is $17.67/cwt.; with an overall 2013 average of $17.70/cwt.; and a 2014 average of $16.85/cwt.