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Milk Futures Higher, Cash Dairy Mixed

Milk futures on the Chicago Mercantile Exchange closed higher again Tuesday supported by strong cheese trade.  

October Class III milk up 12 cents at $18.60.  November up 27 cents at $18.45.  December 22 cents higher at $17.75.  January up 13 cents at $17.02.  February through May contracts unchanged to five cents higher.

Dry whey unchanged at $0.3175.  Ten trades were made ranging from $0.3125 to $0.3175. 

Blocks up $0.0250 at $2.0150.  One trade was made at that price.

Barrels up $0.0475 at $1.8775.  Four trades were made ranging from $1.8350 to $1.8775. 

Butter down $0.0250 at $2.1025.  Two trades were made at $2.0925 and $2.1025. 

Nonfat dry milk unchanged at $1.15.  Two trades were made at $1.1475 and $1.15. 

The U.S. Foreign Ag Service has kept New Zealand’s milk production forecast for 2020 steady with this year at nearly 22 million metric tons.  The number of milk cows is also projected to be steady.

Exports are forecast to decline slightly as strong inventories at the beginning of 2019 have cleaned and not rebuilt.

2018 was a record milk production year for New Zealand.

--Brownfield AgNews