MILK
Class III milk futures moved opposite on Tuesday of what they did on Monday. Early trading showed stronger prices, as traders anticipated cheese prices would show further strength during spot trading. Cheese prices were steady to higher at the close of spot trading, but they did not hold the highs seen during the trading period. That caused some liquidating, which turned futures lower. Cheese and butter prices were lower in the South Dairy Trade report. There were 10,020.27 tons of dairy products moved through ports in Argentina during the last half of May to 30 destinations at an average price of $3,565.59 per ton. Whole milk powder price increased 1.6% to $3,722.68 per ton, or $1.69 per pound. Skim milk powder increased 2.6% to $3,300.78 per ton, or $1.50 per pound. Semi-hard cheese increased by 0.6% to $4,292.78 per ton, or $1.95 per pound. Hard cheese declined 0.3% to $6,339.66 per ton, or $2.88 per pound. Butter declined 2.3% to $4,823 per ton, or $2.29 per pound. Buttermilk powder gained 4.7% to $3,000 per ton, or $1.36 per pound. There were 8,980.35 tons of dairy products moved through ports in Uruguay to 28 destinations at an average price of $3,524.25 per ton during the second half of June. Whole milk powder price increased 4.5% from the previous report to $3,642.19 per ton, or $1.65 per pound. Skim milk powder fell 7.3% to $2,808.12 per ton, or $1.27 per pound. Semi-hard cheese increased by 0.1% to $,663.19 per ton, or $2.12 per pound. Hard cheese declined by 0.2% to $5,637.97 per ton, or $2.56 per pound. Butter declined 1.7% to $5,737.66 per ton, or $2.60 per pound. Buttermilk increased 2.0% to $2,087 per ton, or $0.95 per pound.
AVERAGE CLASS III PRICES
| 3 Month: | $20.15 |
| 6 Month: | $20.06 |
| 9 Month: | $19.56 |
| 12 Month: | $19.29 |
CHEESE
Cheese held up Tuesday but could not hold the gains. Buyers were aggressively looking for cheese at the beginning of spot trading, bidding prices higher. However, once the initial buying interest was satisfied, prices slipped back as sellers lowered offers to move cheese. This resulted in some selling pressure on cheese futures.
BUTTER
Butter price is just hanging around with seemingly nowhere to go. The trend is sideways while still holding in an upward trend. Buyers and sellers seem comfortable doing business in the current price range. Butter production is slowing as the cream supply tightens. This will continue to provide support under the market.
OUTSIDE MARKETS SUMMARY
December corn closed up 0.75 cent per bushel at $4.0850, November soybeans closed down 19.50 cents at $10.8000 and December soybean meal closed down $2.70 per ton at $318.70. September Chicago wheat closed up 1.50 cents at $5.7200. August live cattle closed down $2 at $182.35. August crude oil is down $0.76 per barrel at $81.57. The Dow Jones Industrial Average is down 53 points at 39,292 with the NASDAQ up 26 points at 18,429.
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