MILK
Milk futures started the day out strong but slowly slipped away as the day went on. Prices were mixed by the settlement, showing slight gains in the prompt months with a pullback in late summer and some returning strength into winter. Milk production is suffering due to the heat but variable across the country.
AVERAGE CLASS III PRICES
| 3 Month: | $19.97 |
| 6 Month: | $20.11 |
| 9 Month: | $19.76 |
| 12 Month: | $19.51 |
CHEESE
Cheese futures were mixed today. Cash prices finally brought the price spread back to normal with blocks trading higher than barrels. Cheese demand seems to be picking up; however, production is at maximum capacity.
BUTTER
Butter followed through with the gains from yesterday and continued to rally throughout the day. With stocks about the same as last year, there is concern that the warm temperatures will cause shortages as we move further into the year. We are already seeing tight cream availability so need a break in the weather before we can gain confidence in supply moving forward.
OUTSIDE MARKETS SUMMARY
July corn closed down 6.25 cents per bushel at $4.1375, November soybeans closed down 2.25 cents at $11.0475 and July soybean meal closed unchanged at $360.90. September Chicago wheat closed 19 cents higher at $5.79.50. August live cattle closed down $0.30 at $186.45. August crude oil is up $1.07 per barrel at $81.97. The Dow Jones Industrial Average is up 36 points at 39,164 with the NASDAQ is up 53 points at 17,858.
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