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Milk futures close higher, cash dairy mostly higher

Tuesday, March 28th, 2017

Class III milk futures Monday closed higher at the Chicago Mercantile Exchange. March was a penny higher at $15.83/cwt; April up a penny at $15.00; May was .03 higher at $15.29; and June was up .02 at 15.72. July through December futures were .01 to .04 higher.

Cash cheese barrels were two cents lower, at $1.37; cheese blocks were a half-penny higher at $1.44 ½. Nonfat dry grade A milk was steady at 82 cents and Grade AA butter was a quarter-cent higher at $2.10.

Cooperatives Working Together (CWT) has accepted 21 requests for export assistance from member cooperatives that have contracts to sell 2.381 million pounds (1,088 metric tons) of Cheddar and Monterey Jack cheeses plus 52,360 pounds (23.75 metric tons) of butter to customers in Asia and Oceania. The product has been contracted for delivery in the period from March through June 2017.

So far this year, CWT has assisted member cooperatives who have contracts to sell 21.483 million pounds of American-type cheeses, and 1.427 million pounds of butter (82% milkfat) to 12 countries on four continents. The sales are the equivalent of 207.252 million pounds of milk on a milkfat basis.

Source: Brownfield Ag News

(T1, D1)

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