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Dairy Report
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Dairy- The CME spot butter market is moving lower due in part to the ongoing decline in the international butter market. The government support price level for butter is $1.05 a pound which suggests that downside risk from here should be no more than a dime. The CME cheese markets are moving downward but cheese at these levels will not likely be profitable for milk farmers going forward. November US milk output was 1.1% more than last year due mostly to a .9% larger milk cow herd.

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Market Trend |
Supplies |
Price vs. Last Year |
Cheese Barrels- CME |
Decreasing |
Good |
Lower |
Cheese 40 lb Blocks- CME |
Decreasing |
Good |
Lower |
American Cheese |
Decreasing |
Good |
Lower |
Cheddar Cheese |
Decreasing |
Good |
Higher |
Mozzarella Cheese |
Decreasing |
Good |
Lower |
Provolone Cheese |
Steady |
Good |
Lower |
Parmesan Cheese |
Steady |
Good |
Lower |
Butter- One lb Solids |
Decreasing |
Good |
Lower |
Nonfat Dry Milk |
Decreasing |
Good |
Lower |
Whey, Dry |
Decreasing |
Good |
Lower |
Class I Milk Base |
Increasing |
Good |
Lower |
Class II Cream (Heavy Cream) |
Steady |
Good |
Lower |
Class III Milk- CME |
Decreasing |
Good |
Lower |
Class IV Milk- CME |
Steady |
Good |
Lower |
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