OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Lower |
| SOYBEANS: | 5 Lower |
| SOYBEAN MEAL: | $1.90 Higher |
| LIVE CATTLE: | $0.05 Lower |
| DOW JONES: | 119 Points Higher |
| NASDAQ: | 63 Points Lower |
| CRUDE OIL: | $0.86 Lower |
MIDDAY MARKET UPDATE:
Both block and barrel cheese prices remained unchanged at $1.6425 and $1.66, respectively. This is the second consecutive day of steady prices. Only an unfilled for a load of blocks and an uncovered offer for a load of barrels remained at the close of spot trading. The dry whey prices declined 1.50 cents, closing at 54.75 cents with one load traded. Traders do not like the steady cheese prices with pressure on Class III futures again today. Contracts are 2 to 12 cents lower. The butter price declined 2.25 cents, closing at $2.4775 with five loads traded. Grade A nonfat dry milk increased 0.25 cent, closing at $1.3025 with one load traded. Butter moved to the lowest price since May 30, while nonfat dry milk moved to the highest price since Feb. 10. Class IV futures have not yet been traded. Butter futures are 1.00 cents lower to 1.47 cents higher. Dry whey futures are 0.22 cent lower to 0.47 cent higher. USDA will release the June Milk Production report this afternoon. I estimate milk production to be 1.5% higher than June 2024 and cow numbers to increase 3,000 head from May.
