Tuesday, July 25, 2023

Tuesday Midday Dairy Market Summary - Steady Cash Triggers Selling

OUTSIDE MARKETS SUMMARY:

CORN: 5 Lower
SOYBEANS: 12 Lower
SOYBEAN MEAL: $4.90 Higher
LIVE CATTLE: $0.27 Lower
DOW JONES: 90 Points Higher
NASDAQ: 119 Points Higher
CRUDE OIL: $1.04 Higher

MIDDAY MARKET UPDATE:

Both block and barrel cheese prices remained steady at $1.8625 and $1.83, respectively, with no loads traded. There was an unfilled bid in each with no sellers showing up to the market. Dry whey price remained steady with no loads traded. This was a disappointment to the trade, resulting in selling pressure in August and later contracts. Class III futures are 11 to 63 cents lower with December showing the greatest loss. Only the front-month July shows any gain with that being one cent. Trading activity has been heavy with the August contract showing nearly 1,500 contracts traded. The butter price remained unchanged at $2.6125 with no loads traded with an unfilled bid and uncovered offer remaining at the close. Grade A nonfat dry milk price increased 0.25 cent, closing at $1.1525 with three loads traded. Class IV futures have only traded in the April contract and that was 16 cents lower. Butter futures are 0.07 to 1.50 cents higher. Dry whey futures are unchanged to 0.50 cent lower. USDA will release the June Cold Storage report Tuesday afternoon.




Monday Closing Dairy Market Update - October Cheese and Butter Inventories Declined

MILK: Traders were uncertain as to how to interpret the moving of spot prices today. Pressure was put on Class III futures after spo...