Friday Midday Dairy Market Summary - Blocks Erode Further

OUTSIDE MARKETS SUMMARY:

CORN:	5 Lower
SOYBEANS:	23 Higher
SOYBEAN MEAL:	$5.70 Lower
LIVE CATTLE:	$0.57 Lower
DOW JONES:	54 Points Higher
NASDAQ:	74 Points Higher
CRUDE OIL:	$0.79 Lower

MIDDAY MARKET UPDATE:

Block cheese price declined 5 cents, closing at $1.4225 with eight loads traded. Barrel cheese prices remained steady at $1.57 with four loads traded. Price initially increased 0.50 cent before selling moved price back down. Dry whey price remained unchanged at 27.50 cents with 19 loads traded. There was more business to be done with unfilled bids and offers remaining, but the trading activity was accomplished that needed to be done. Class III futures are mixed from 14 cents lower to 15 cents higher. Butter price slipped back 0.75 cent, closing at $2.3625 with five loads traded. Grade A nonfat dry milk price declined 0.25 cent, ending at $1.16 with two loads traded. Class IV futures are unchanged to 18 cents lower. Butter futures are 0.50 cent lower to 0.75 cent higher. Dry whey futures are 0.05 cent lower to 0.12 cent higher. USDA reduced estimated milk production 200 million pounds to 228.4 billion pounds this year according to the World Agricultural Supply and Demand report released Friday. Estimated milk production for 2024 was left unchanged from the May report at 230.8 billion pounds.