Wednesday Midday Dairy Market Update - Too Much Supply

OUTSIDE MARKETS SUMMARY:

CORN:	5 Lower
SOYBEANS:	8 Lower
SOYBEAN MEAL:	$7.00 Lower
LIVE CATTLE:	$1.92 Lower
DOW JONES:	160 Points Lower
NASDAQ:	22 Points Higher
CRUDE OIL:	$0.32 Lower

MIDDAY MARKET UPDATE:

Block cheese price declined 1.50 cents closing at $1.39 with 12 loads traded. Price initially increased 0.25 cent before selling increased and bids were lowered. Block price made a new low again moving price down to the lowest level it has been since May 2020. The barrel price declined 2.25 cents closing at $1.5275 with no loads traded. There was an unfilled bid placed below the market with no interest from the buyer to move it higher. Dry whey declined 0.75 cent closing at 27.25 cents with 15 loads traded. Class III futures are hit again today with contracts ranging from 27 cents lower to 3 cents higher. Butter price increased 3.25 cents closing at $2.3850 with one load traded. Grade A nonfat dry milk increased 0.25 cent with two loads traded. Class IV futures are higher with July being the only month traded and price up 9 cents. Butter futures are 1.40 cents lower to 1.22 cents higher. Dry whey futures are 0.05 cent lower to 0.17 cent higher.