OUTSIDE MARKETS SUMMARY:
| CORN: | 7 Lower |
| SOYBEANS: | 12 Lower |
| SOYBEAN MEAL: | $0.80 Higher |
| LIVE CATTLE: | $1.15 Higher |
| DOW JONES: | 254 Points Higher |
| NASDAQ: | 54 Points higher |
| CRUDE OIL: | $0.32 Higher |
MIDDAY MARKET UPDATE:
The block cheese price increased 3.00 cents to close at $1.49 with 3 loads traded. The barrel cheese price decreased 5.00 cents to close at $1.42 with 3 loads traded. The weakness of barrels has no impact on the Class III price as it is not part of the price calculation. The dry whey price increased 0.25 cent to close at 68.00 cents with 4 loads traded. Class III futures are 9 cents lower to 15 cents higher. The butter price decreased 1.00 cents to close at $1.64 with 19 loads traded. The price initially increased to $1.6750 before selling became more aggressive. Grade A nonfat dry milk decreased 3.50 cents to close at $1.8150 with 10 loads traded. Surprisingly, butter had no unfilled bids or uncovered offers remaining at the close. In fact, none of the categories in the spot market had unfilled bids or uncovered offers remaining. Class IV futures are steady to 25 cents lower. Butter futures are 1.17 cents lower to 1.82 cents higher. Dry whey futures are steady to 0.62 cent lower. Cheese futures are 0.50 cent lower to 1.70 cents higher. USDA raised its estimate for milk production this year by 1.0 billion pounds and raised its estimate for 2027 by 1.0 billion pounds from the May report. This year is now projected at 236.4 billion pounds, and 2027 is projected at 237.0 billion pounds.
