Friday, February 16, 2024

Friday Midday Dairy Market Summary - Blocks Lower With Barrels Higher

OUTSIDE MARKETS SUMMARY:

CORN: Unchanged
SOYBEANS: 8 Higher
SOYBEAN MEAL: $6.40 Higher
LIVE CATTLE: $1.35 Higher
DOW JONES: 3 Points Lower
NASDAQ: 190 Points Lower
CRUDE OIL: $0.64 Higher

MIDDAY MARKET UPDATE:

Block cheese price declined 1.25 cents closing at $1.48 with nine loads traded. This is the lowest block cheese price has been since January 19. The barrel price increased 5.25 cents closing at $1.6075 with one load traded. This should have provided support to Class III futures but that has not happened. Some of this could be due to the weakness of dry whey. Dry whey price declined a penny closing at 52 cents with one load traded. Class III futures are 8 cents lower to 8 cents higher. Butter price increased 2.25 cents closing at 2.75 with two loads traded. Grade A nonfat5 dry milk price declined 0.50 cent closing at $1.17 with six loads traded. Class IV futures are 34 cents lower to 7 cents higher. The contracts that traded 34 cents lower appear to be market orders that were filled lower than the actual market is trading. The current bids and offers are above that level. Butter futures are 0.30-2.42 cents higher. Dry whey futures are holding steady.




Friday Closing Dairy Market Update - 2024 Milk Production Lower, But Herd Size Growing

MILK: Class III milk futures lost over 80 cents on the March contract this week, while Class IV lost over $1.40 from this time last week. We...