Wednesday, September 11, 2024

Wednesday Midday Dairy Market Summary - Stronger Dairy Cash Prices and Lower Futures

OUTSIDE MARKETS SUMMARY:

CORN: 2 Higher
SOYBEANS: 1 Higher
SOYBEAN MEAL: $2.40 Higher
LIVE CATTLE: $0.67 Higher
DOW JONES: 157 Points Lower
NASDAQ: 144 Points Higher
CRUDE OIL: $1.82 Higher

MIDDAY MARKET UPDATE:

The block cheese price increased by a penny closing at $2.3150 with one load traded. The barrel cheese price increased 4.50 cents closing at $2.3850 with one load traded. The buyers remain aggressive and are not waiting for price weakness that may not materialize. There was an unfilled bid for a load of barrels and an uncovered offer for a load of barrels and one for blocks. The dry whey price remained unchanged at 59 cents. Class III futures posted double-digit gains in some contracts ahead of spot trading. After spot trading, Class III futures are mixed ranging from 7 cents higher to 15 cents lower. Futures had the gains of today already factored in. The butter price remained steady at $3.1750 with no load traded and no buyers or sellers showing up to do any business. Grade A nonfat dry milk increased by 0.25 cents closing at $1.3975 with six loads traded. Class IV futures are 4 to 10 cents lower. Butter futures are 0.25 to 2.97 cents lower. Dry whey futures are steady to 0.50 cents higher.




Thursday Closing Dairy Market Update - Dairy Exports Fell In November

MILK: The February Class III contract moved above $21.00 for a brief period today but could not hold above that level. Surprisingly,...