MILK:
Class III futures traded higher today, seeing gains of 32-39 cents across most board months. While this appears like a good start to the month, the limited trade activity could be perceived as a false start without the support we saw in the cash market today.
AVERAGE CLASS III PRICES:
| 3 Month: | $17.84 |
| 6 Month: | $18.05 |
| 9 Month: | $18.03 |
| 12 Month: | $18.01 |
CHEESE:
Spot prices were higher on the day for both blocks and barrels. Supply is steady and available however sellers are trying to avoid building supply for this time of year. Spot milk prices remain low, with prices as much as $7.00 below class.
BUTTER:
As we saw yesterday, there was a small surge in interest in butter with more buyers coming to the plate today. Prices climbed higher with seven loads traded today. Butter futures are also increasing to start off the month anywhere from 0.75 cents to 1.45 cents higher. As in milk and cheese, supply is not an issue today, but a small bounce is welcomed.
OUTSIDE MARKETS SUMMARY:
July corn closed down 3.25 cents per bushel at $4.72.25, July soybeans closed up 5 cents at $10.5050 and July soybean meal closed down $3.70 per ton at $294.30. July Chicago wheat closed up 0.25 cents at $5.31. June live cattle closed $1.25 higher at $209.65. June crude oil is up 95 cents per barrel at $59.16. The Dow Jones Industrial Average is up 252 points at 40,922, with the NASDAQ up 382 points at 17,829.
