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Milk futures, cash dairy mixed

Class III milk futures at the Chicago Mercantile Exchange closed mixed Wednesday ahead of a slightly bearish milk production report.

September milk closed up a penny at $16.14. October down a nickel at $16.11.  November up six cents at $16.24.  December up nine cents at $16.03.  January through next August contracts closed a penny lower to six cents higher.

Butter closed up $0.03 at $2.3050. Four trades were made ranging from $2.30 to $2.3050.

Barrels closed down $0.0175 at $1.39. One trade was made at that price.

Blocks were unchanged $1.6150.

Nonfat dry milk was up $0.0150 at $0.8825. Eight trades were made ranging from $0.8750 to $0.8825.

Dry whey closed unchanged at $0.5250.

For October, the USDA has set the base Class I milk price at $16.33 per hundredweight, up $1.48 from September, with the base Class I skim price at $7.71, up $1.79.

The USDA says cash dairy had another strong week of modest gains. The USDA reports cash butter for the week ending September 8th averaged $2.30 per pound, $0.2 higher than the previous week. Blocks of cheddar were pegged at $1.68, $0.02 higher. Barrels averaged $1.64, up $0.033. Dry whey prices averaged $0.397, up $.018. Nonfat dry milk averaged $0.845, up $.018.

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