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Milk futures mostly higher, cash dairy mixed

Milk futures on the Chicago Mercantile Exchange closed mostly higher Wednesday as strength from global markets continues while cash trade was mixed.

July Class III milk futures unchanged at $17.31.  August up 17 cents at $17.67.  September up 17 cents at $17.89.  October 14 cents higher at $17.87.  November through February contracts 15 to 22 cents higher.

Dry whey up $0.0025 at $0.3250.  One trade was made at that price.

Blocks unchanged at $1.7750.

Barrels unchanged at $1.69. 

Butter down $0.02 at $2.4150.  Ten trades were made ranging from $2.41 to $2.4350.

Nonfat dry milk down $0.0075 $1.0275. 

For August, the USDA has set the base Class I milk price at $17.89 per hundredweight, up $0.71 from July, with the base Class I skim price at $8.81, up $0.63.

Weekly European dairy prices continue mostly lower on the week and the year.  Skimmed milk powder and German cheese were the only categories to see gains on the week while butter prices continue to post the largest losses compared to 2018.

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