(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.