MILK
Milk prices are expected to continue to hold or gain as there is no significant jump in production expected for a while, despite cooler temperatures on the horizon. School milk demand is really just getting started and we have a while before the fall and winter production increases. Class III futures closed 12 to 40 cents higher.
AVERAGE CLASS III PRICES
| 3 Month: | $21.96 |
| 6 Month: | $21.79 |
| 9 Month: | $21.00 |
| 12 Month: | $20.52 |
CHEESE
Not a lot of volume was traded in the cash market for blocks or barrels today, however futures had slight increases. It is anticipated that cheese will remain higher until milk production increases later this year.
BUTTER
Butter futures followed the cash prices today and had a small sell-off from the highs we saw last week. Not everything can rally forever, but it is still believed that we will see supported prices with the inventory levels and production we see today.
OUTSIDE MARKETS SUMMARY
December corn closed up 8.25 cents per bushel at $4.0925, November soybeans closed up 12.00 cents at $10.12 and December soybean meal closed up $8.10 per ton at $321.10. December Chicago wheat closed up 15 cents at $5.6650. October live cattle closed up $0.675 at $179.275. October crude oil is down $3.32 per barrel at $70.22. The Dow Jones Industrial Average is down 626 points at 40,936 with the NASDAQ down 577 points at 17,136.
