OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Higher |
| SOYBEANS: | 5 Lower |
| SOYBEAN MEAL: | $3.10 Lower |
| LIVE CATTLE: | $1.50 Higher |
| DOW JONES: | 6 Points Lower |
| NASDAQ: | 20 Points Higher |
| CRUDE OIL: | $1.38 Lower |
Midday Market Update:
The block cheese price increased by 5.50 cents, closing at $1.93 with seven loads traded. The barrel cheese price increased 3.50 cents, closing at $1.96 with one load traded. There were unfilled bids and uncovered offers in both categories at the close of spot trading. The dry whey price increased by 0.50 cent, closing at 53 cents with no loads traded. This moves the dry whey price to the high of February 15th. If the price increases further, it will be at the highest price since June 2022. Class III futures are 11 cents lower to 20 cents higher. The butter price remained unchanged at $3.0750 with five loads traded. Grade A nonfat dry milk increased 2.25 cents closing at $1.22 with nine loads traded. Class IV futures are 1-13 cents higher. Butter futures are 1.05 cents lower to 1.45 cents higher. Dry whey futures are 0.50-1.25 cents higher. USDA will release the June Milk Production report this afternoon. I estimate milk production to be 0.8 percent below a year ago. Cow numbers will be difficult to predict, but I estimate they will be higher than May.
