US milk futures closed lower in the Chicago Mercantile Exchange pit trading on Thursday, the last day of 2009, as this week's drop cash cheese prices fuelled selling, traders said. Cheese prices were unchanged after trending lower following a USDA storage report last week that showed larger-than-expected stocks.
The Class III milk traded at the CME is commonly processed into cheese and as a result milk prices are often influenced by action in cheese. In Thursday's pit trading, the January closed down 3 cents at $14.22 and February down 9 cents at $13.89.
In later Globex trading, January was down 3 cents from the pit at $14.19 and February down 14 cents from the pit at $13.75. In Thursday's CME cash cheese market block cheese had four trades all at $1.4500 per lb, and it closed there unchanged from Wednesday.
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