MILK
Class III milk futures closed lower, continuing the negative trend from yesterday and late last week. With higher-than-expected production release on the report yesterday, it was hard to gain any reason for buying. Class III settled at 48 cents lower.
AVERAGE CLASS III PRICES
| 3 Month: | $21.57 |
| 6 Month: | $20.88 |
| 9 Month: | $20.40 |
| 12 Month: | $20.17 |
CHEESE
Traders did not see today's selloff as a buying opportunity. With only one load traded in both blocks and barrels, as well as futures settling on average 50 cents lower, we continue the sell off for now.
BUTTER
Butter traded lower today, much like the rest of the dairy sector, however futures performed slightly better than the cash market today, only down 3 cents versus the 5.25 cents we saw in the cash auction midday.
OUTSIDE MARKETS SUMMARY
December corn closed up 7 cents per bushel at $4.1650, November soybeans closed up 11.00 cents at $9.9200 and December soybean meal closed down $0.50 per ton at $317.70. December Chicago wheat closed down 3.75 cents at $5.76. December live cattle closed up $1.30 at $186.83. December crude oil is up $1.70 per barrel at $71.74. The Dow Jones Industrial Average is down 6 points at 42,924 with the NASDAQ up 33 points at 18,573.
