Dairy Markets Week in Review

Cash cheese prices at the Chicago Mercantile Exchange moved higher the second week of August with the 40-pound blocks closing Friday at $1.3625 per pound, up 5 1/4-cents on the week and the highest they have been since mid December 2008, but still 39 3/4-cents below a year ago. The 500-pound barrels closed at $1.34, up a nickel on the week, but 36 cents below a year ago. Seven cars of block traded hands on the week and eight of barrel. The NASS-surveyed U.S. average block price hit $1.1810, up 4.9 cents. Barrels averaged $1.2067, up 4.7 cents.

Butter closed at $1.22, down a penny on the week, and 42 1/2-cents below a year ago. 34 cars were sold. NASS butter averaged $1.2227, down 0.2 cent.

Cash Grade A nonfat dry milk climbed to $1.00 per pound, then gave back a quarter to close at 99 3/4-cents per pound. Extra Grade closed Friday at 95 cents, up a nickel. NASS powder averaged 87.15 cents, up 3 cents. Dry whey averaged 28.89 cents, down 0.7 cent.

Price support purchases for the week amounted to 2.3 million pounds of nonfat dry milk. Dairy Export Incentive Program bid acceptances included 85,979 pounds of cheese, 6.7 million pounds of butter and 1.6 million of nonfat dry milk.

Provided courtesy of Dairyline.