OVERVIEW:
Every sector of dairy futures higher Thursday afternoon as the stock market reaches record highs on consumer strength. In the cash market, block cheese and non-fat dry milk led the way while other dairy products had little activity.
MILK:
Class III milk showed modest gains, from 4 to 30 cents higher this afternoon. With the heat hitting most of the country, milk production is slightly lower, with more heat to come next week.
AVERAGE CLASS III PRICES:
| 3 Month: | $17.68 |
| 6 Month: | $18.09 |
| 9 Month: | $18.04 |
| 12 Month: | $18.03 |
CHEESE:
Cheese futures are 0.6 to 2.2 cents higher, while the block cheese price increased 1.5 cents earlier this afternoon. Record cheese exports in May are helping strengthen the cheese prices, although the last couple of days have had the most interest in blocks over barrels.
BUTTER:
Butter futures saw some mid-afternoon strength, up 0.0025 to 0.25 cents higher on the day. The cash market had no trades but a few unfulfilled bids and one offer at the close. Butter prices have eased somewhat due to lower demand in both the U.S. markets and the world market, most notably in the E.U.
OUTSIDE MARKETS SUMMARY:
December corn closed 3 cents per bushel lower at $4.2100, November soybeans closed up 6 cents at $10.2650 and December soybean meal closed up 2 cents per ton at $283.70. September Chicago wheat closed down 7.25 cents at $5.34. August live cattle closed down $0.225 at $223.675. August crude oil is up $1.24 per barrel at $67.62. The Dow Jones Industrial Average is up 229 points at 44,484, with the NASDAQ up 155 points at 20,885.
