Monday Midday Dairy Market Summary - Blocks Could Not Gain Traction

OUTSIDE MARKETS SUMMARY:

CORN:	12 Lower
SOYBEANS:	4 Lower
SOYBEAN MEAL:	$0.90 Higher
LIVE CATTLE:	$0.85 Higher
DOW JONES:	125 Points Lower
NASDAQ:	53 Points Higher
CRUDE OIL:	$0.83 Higher

MIDDAY MARKET UPDATE:

Block cheese price initially gained 1.50 cents before buyers stepped back and sellers became more aggressive in their desire to move cheese. Price closed unchanged at $1.43 with six loads traded. Barrel cheese price gained 3.75 cents, closing at $1.55 with five loads traded. There was one unfilled bid of a load of blocks remaining at the close. There was an unfilled bid for a load of barrels with two uncovered offers at the close. Dry whey price increased 0.75 cent, closing at 26.50 cents with no loads traded. Class III futures were higher earlier in the day but began weakening as spot trading drew closer. Current futures are 1-16 cents lower in 2023 contracts and 4-15 cents higher in January through March contracts in 2024. Butter price declined 4.25 cents, closing at $2.4025 with five loads traded and one uncovered offer remaining at the close. This weakness was a bit of a surprise, pushing futures solidly back down into the trading range. Grade A nonfat dry milk price declined 0.75 cent, closing at $1.1625 with seven loads traded. Class IV futures are 22 cents lower to 7 cents higher. Butter futures are 2 cents lower to 0.05 cent higher. Dry whey futures are 1.40 cents lower to 0.07 cent higher. USDA will release the April Dairy Products report Monday afternoon.