OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Higher |
| SOYBEANS: | 12 Higher |
| SOYBEAN MEAL: | $3.30 Higher |
| LIVE CATTLE: | $1.47 Lower |
| DOW JONES: | 13 Points Lower |
| NASDAQ: | 390 Points Lower |
| CRUDE OIL: | $3.58 Higher |
MIDDAY MARKET UPDATE:
The block cheese price increased 0.75 cent to close at $1.63 with seven loads traded. It was positive to see the price gain, but it had little impact on Class III milk futures. The barrel cheese price remained unchanged at $1.60 with no loads traded. The dry whey price remained unchanged at 70.00 cents with no loads traded. Class III futures are mixed, ranging from 3 cents to 9 cents higher. The butter price remained unchanged at $1.6450 with 25 loads traded. The price initially declined to $1.6075 before buyers became more aggressive, bringing the price back up to unchanged. There were 14 unfilled bids and 15 uncovered offers remaining at the close of spot trading, possibly indicating a balanced market. Grade A nonfat dry milk remained unchanged at $2.2850 with no loads traded. Class IV futures are 9-22 cents lower. Butter futures are 0.62 - 4.27 cents lower. Dry whey futures are 1.20 cents lower to 0.15 cent higher. Cheese futures are 0.40 cent lower to 1.10 cents higher. The USDA raised its estimate for milk production this year by 100 million pounds to 235.4 billion pounds, with its initial estimate for 2027 at 236.0 billion pounds.
