OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Lower |
| SOYBEANS: | 4 Lower |
| SOYBEAN MEAL: | $1.30 Lower |
| LIVE CATTLE: | $0.25 Higher |
| DOW JONES: | 189 Points Lower |
| NASDAQ: | 25 Points Lower |
| CRUDE OIL: | $2.00 Lower |
MIDDAY MARKET UPDATE:
The block cheese price fell 6.00 cents to close at $1.39 with 8 loads traded. The barrel cheese price remained unchanged at $1.46 with no loads traded. The dry whey price remained unchanged at 68.00 cents with no loads traded. Class III futures came under pressure with contracts 1-27 cents lower. The July contract is trading below $16.00. The butter price declined 2.50 cents to close at $1.53 with 23 loads traded. Grade A nonfat dry milk declined 2.50 cents to close at $1.6150 with 16 loads traded. Class IV futures are mixed from 15 cents lower to 20 cents higher. The largest gain took place in the nearby June contract on just one load traded. It was likely a market order as the contract is mostly priced and should move very little until the Federal Order prices are released.
Butter futures are 1.37 cents lower to 1.97 cents higher. Dry whey futures are steady, with trading activity only taking place in the July contract. Cheese futures are 0.30--2.60 cents lower. Nonfat dry milk futures are 0.90 cent lower to 0.70 cent higher. The May Milk Production report will be released today. I estimate milk production to be 2.4% higher than in May 2025. I estimate cow numbers to increase by 6,000 head from April.
