(Continued from Page Al 6) moisture is now below average, Drying conditions were ac celerated by last week's heat wave and many crops are now being stressed and need significant rain to protect production and grain quality. The physical butter market remains quiet with enough butter supplies available. Buyers arc waiting for prices to fall before they enter the market, and sellers are on the sidelines waiting for higher prices. A broker said there was am ple butter exports to the interna tional market, which could begin to build support under the US market. DAIRY WEEK DAIRY MARKET PRICE COMMENTARY tures rose strongly on Wednesday. Aug rose 30 cents to $14.23/cwt, while Oct rose 32c to $ 14.80 c. CSCE BFP milk futures were heavily traded on Wednesday in mixed trading. Jly fell 5c to $ll.lO, Aug rose 1c to $12.09 and Sep fell 5c to $12.30. On Wednesday, CSCE BFP milk open interest fell 3 lots to 1,440 as investors liquidate out of the Jly contract which will expire next week. Jly open interest was down 2 lots at 209 and Aug was strong at 490, unchanged from Tuesday. Butter open interest fell 4 lots to 172, while raw milk rose 2 lots to 41 in mild trading. Non-fat dry milk was unchanged at 68 lots and Cheddar cheese was unchanged at 19 lots. ' CSCE Aug nonfat dry milk fell 30 points on Wednesday to 106.00 c, while Oct was steady at 107.50 c. Cheddar cheese futures traded steady to slightly lower also on rising inventories. Aug fell 50 points to 127.50 c, while Oct was steady at 133.00 c. At the Chicago Mercantile Exchange, BFP milk futures were steady to lower on Wednesday. Jly was steady at $ll.OB, while Aug fell 7c to $12.03, after falling gradually in the last week. Lari&iter 1 Farrfilhj), S'afcihftiy, AujgAsl 21 IS9T-AlJ*' CME grade AA butter fu tures were steady at 110.50 c, basis Sep, on Wednesday, while Nov was unchanged at 95.25 c. CME BFP open interest fell 5 lots to 125 on 25 lots of vol ume. There were still 8 lots of open interest in the Jly contract -with 21 lots in Aug. Some stations reported that farmers are moving wheat out of CME butter open interest t 0 ma i( e room for the was steady at a strong 190 lots. soybean harvest, but no aggres- FEED GRAINS s ive wheat selling was seen. Producers in many Mid- With contribution from western regions are holding back Cameron Dueck m Chicago By on sales in hopes that the fore- Bridge News, Tel: 212-504-7704 casts for continued dry conditions Send comments to Internet will raise com and soybean values acid ress news@bridge.com further. Forecasts continue to call for lackluster showers and dry conditions in the US Midwest, which have producers believing that if they sit on their product for a little bit longer, their profits may grow.
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