MILK
Milk futures showed gains as the morning progressed moving toward the spot trading period. Once spot prices increased, Class III milk futures stabilized for a period before exhibiting further strength as trading neared the close. Traders were hesitant to buy into the market fearing that the strength may be short-lived. However, as the afternoon progressed more confidence permeated through the market resulting in further gains. It seems as if there is a possible change of attitude again with the market looking more friendly. Time will tell. South Dairy Trade numbers were reported for dairy products moving through ports in Argentina and Uruguay. Ports in Argentina moved 9,732.62 toms of dairy products to 24 destinations at a price of $4,490.35 per ton for the period July 1-15. Whole milk powder price declined 2.8% from the previous period to $4,335.40 per ton or $1.97 per pound. Skim milk powder declined 0.8% to $4,097.61 per ton or $1.86 per pound. Semi-hard cheese increased 2.2% to $4715.78 per ton or $2.14 per pound. Hard cheese declined 0.9% to $6,203.36 per ton or $2.82 per pound. Butter declined 3.1% to $5,321.78 per ton or $2.42 per pound. Uruguay moved 8,884.27 tons to 30 destinations at $3,856.59 per ton during June 1st through 15th. Whole milk powder declined 7.5% to $4,044.91 or $1.84 per pound. Skim milk powder declined 4.2% to $4,157.63 per ton or $1.89 per pound. Semi-hard cheese increased 4.4% to $4,495.89 per ton or $2.04 per pound. Hard cheese increased 2.3% to $6,038.89 per ton or $2.74 per pound. Butter declined 1.5% to $5,700.15 per ton or $2.59 per pound. Buttermilk increased 4.2% to $3,997.76 per ton or $1.82 per pound.
AVERAGE CLASS III PRICES
| 3 Month: | $21.47 |
| 6 Month: | $21.25 |
| 9 Month: | $20.72 |
| 12 Month: | $20.32 |
CHEESE
Buyers have been interested in purchasing cheese at these lower prices. Some of this buying might have been due to cheese inventory declining in June indicating demand may be better than anticipated. Buyers have turned more aggressive as they want to purchase cheese at low prices.
BUTTER
Buyers and sellers are taking care of business without much fanfare keeping price in a range. Butter production has been slower due to the lack of employees, but it has been sufficient to meet demand. Cream remains available for churning.
OUTSIDE MARKETS SUMMARY
September corn gained 17 cents closing at $5.97. August soybeans jumped 59.75 cents closing at $15.3275 with August soybean meal up $24.90 per ton closing at $472.40. September wheat jumped 33.75 cents closing at $8.0375. August live cattle declined $0.87 closing at $136.87. September crude oil declined $1.72 ending at $94.98 per barrel. The DOW declined 229 points closing at 31,762 while the NASDAQ declined 220 points closing at 11,563.
