MILK
Price is not expected to do much through the end of the year and likely for a period in early 2024. It has been keeping needs supplied and buyers are unconcerned over supply. While Monday showed small gains, we took most of it away after Class III traded lower all afternoon today. Low to no volume in Class IV.
AVERAGE CLASS III PRICES
| 3 Month: | $16.61 |
| 6 Month: | $16.90 |
| 9 Month: | $17.35 |
| 12 Month: | $17.67 |
CHEESE
Inventory is nearly the same as one year ago and there is not much news to get the market excited about cheese prices. We traded lower all day but saw some trades in the cash auction to show there is some interest at these lower prices.
BUTTER
Butter prices are lower again today as the available supply is expected to increase as milk components offer higher cream with the current weather. We should stay in a tighter trading range as we head into the first quarter.
OUTSIDE MARKETS SUMMARY
March corn closed up 3.75 cents per bushel at $4.8525, January soybeans closed down 12.25 cents at $13.2375 and January soybean meal closed down $2.90 per ton at $410.30. March Chicago wheat closed up 16.00 cents at $6.2550. February live cattle closed up $0.700 at $168.60. January crude oil is down $2.54 per barrel at $68.78. The Dow Jones Industrial Average is up 185 points at 36,623 while the NASDAQ is up 100 points at 14,533.
