Tuesday, August 9, 2022

Tuesday Midday Dairy Market Summary - Cheese Prices Bounce

OUTSIDE MARKETS SUMMARY:

CORN: 12 Higher
SOYBEANS: 58 Higher
SOYBEAN MEAL: $18.60 Higher
LIVE CATTLE: $0.35 Lower
DOW JONES: 90 Points Lower
NASDAQ: 194 Points Lower
CRUDE OIL: $0.25 Lower

MIDDAY MARKET UPDATE:

Block cheese price increased 3.50 cents closing at $1.82 with one load traded. Barrel cheese price increased 8.50 cents closing at $1.88 with 5 loads traded. Gains of this magnitude should have triggered aggressive buying in Class III milk futures, but traders remain cautious as previous price increases have resulted in lower prices. There need to be consistent gains before traders will become more friendly to the market. Dry whey price increased a penny closing at 44.50 with one load traded. Butter price declined 1.50 cents closing at $2.96 with 9 loads traded. Grade A nonfat dry milk continued its descent with a loss of 2.25 cents and a price of $1.46 with 9 loads traded. The volume of nonfat dry milk showing up recently on the spot market indicates sellers have plenty of product to move and want to move it as quickly as possible. Class III futures are 10-57 cents higher with November showing the greatest gain. Class IV futures are mixed from 9 cents lower to 27 cents higher. Butter futures are 2.00 cents lower to 0.25 cents higher. Dry whey futures are 0.50–1.17 cents higher.




Tuesday Closing Dairy Market Update - Dry Whey Supports Class III Futures

MILK: Class III futures found some buying interest as steady cheese prices were not viewed as bearish due to the strength of dry whe...