OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Lower |
| SOYBEANS: | 7 Lower |
| SOYBEAN MEAL: | $1.10 Higher |
| LIVE CATTLE: | $0.62 Higher |
| DOW JONES: | 71 Points Lower |
| NASDAQ: | 192 Points Higher |
| CRUDE OIL: | $0.40 Higher |
The block cheese price declined 3.25 cents, closing at $1.57 with one load traded. Barrel cheese price increased by a penny, closing at $1.5775 with five loads traded. There was an unfilled bid and an uncovered offer remaining for blocks at the close with only offers remaining for barrels.
The block/barrel spread has quickly moved closer together. That does not mean as much as it did years ago, but it is something to watch as an indicator of supply. Dry whey price remained steady at 52 cents with no loads traded.
Class III futures are under pressure with contracts ranging from 15 cents lower to 2 cents higher. Butter price declined 5.50 cents, closing at $2.69 with four loads traded. Grade A nonfat dry milk price slipped 0.25 cent, closing at $1.20 with 10 loads traded. Class IV futures have not yet been traded today. Butter futures are 3.45 cents lower to 0.50 cent higher. Dry whey futures are 0.60 cent lower to 0.22 cent higher. Dairy exports for 2023 were down 7 percent from 2022.
