Monday Midday Dairy Market Summary - Class III Futures Gain Despite Lower Cash

OUTSIDE MARKETS SUMMARY:

CORN:	12 Higher
SOYBEANS:	42 Higher
SOYBEAN MEAL:	$3.40Higher
LIVE CATTLE:	$0.75 Higher
DOW JONES:	81 Points Higher
NASDAQ:	113 Points Higher
CRUDE OIL:	$4.40 Higher

MIDDAY MARKET UPDATE:

Block cheese price declined 2 cents, closing at $1.9750 with one load traded. Barrel cheese price declined 6 cents, closing at $2.01 with two loads traded. The positive aspect to spot cheese trading Monday is there was a load of blocks traded and barrels bounced back from the low during the trading period. This provides some support to Class III futures as they remain 2 to 33 cents higher in 2022 contracts and are mixed thereafter. Some support also stems from dry whey increasing a penny, closing at 46.50 cents with one load traded. Butter price increased 3.50 cents, closing at $2.9650 with 16 loads traded. This adds to the 70 loads traded last week as there is a lot of interest in buying butter. Grade A nonfat dry milk price increased 3 cents, ending at $1.69 with five loads traded. This provided a nice boost to Class IV futures with contracts 19 to 57 cents higher. Butter futures are 1.05 to 5.00 cents higher. Dry whey futures are 0.50 cent lower to 1.27 cents higher.