Friday Midday Dairy Market Summary - All Spot Prices Post Gains

OUTSIDE MARKETS SUMMARY:

CORN:	4 Lower
SOYBEANS:	7 Higher
SOYBEAN MEAL:	$4.10 Higher
LIVE CATTLE:	$1.42 Higher
DOW JONES:	1657 Points Lower
NASDAQ:	805 Points Lower
CRUDE OIL:	$1.01 Lower

MIDDAY MARKET UPDATE:

The block cheese price increased 0.50 cent, closing at $1.76 with three loads traded. The barrel cheese price increased 2 cents, closing at $1.7550 with two loads traded. There was an unfilled bid and an uncovered offer remaining in each category. The dry whey price increased 1.75 cents, closing at 52.00 cents with no loads traded. Class III futures are 5 cents lower to 9 cents higher. Traders are cautious over the potential for continued upside price potential. The butter price increased 2 cents, closing at $2.33 with one load traded. Grade A nonfat dry milk increased 1.50 cents, closing at $1.1950 with two loads traded. Class IV futures are 4 to 7 cents higher. Butter futures are 0.35 to 3.85 cents higher. Dry whey futures are 0.07 to 1.77 cents higher.

Friday Morning Dairy Market Update - Spot Prices May Slip Back

OPENING CALLS:

Class III Milk Futures:	2 to 5 Higher
Class IV Milk Futures:	2 to 4 Higher
Butter Futures:	Steady to 1 Higher

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	1 to 2 Higher
Soybean Futures:	3 to 4 Higher
Soybean Meal Futures:	$2 to $3 Higher
Wheat Futures:	5 to 7 Higher

MILK:

Strong spot prices on Thursday renewed hopes for higher milk prices. Milk futures were higher in response, but traders remained reserved as price increases have not been able to hold and trend higher. The overnight market did not show any short-covering activity as traders are not holding long-term market positions. Milk receipts at the plant level continue to increase, keeping manufacturers busy. Planting progress is being done at a record pace. This should allow for plentiful feed supplies at reasonable prices, allowing for strong milk production. Milk prices have historically moved similarly to corn prices in direction, and lower corn prices may indicate lower milk prices.

CHEESE:

The block cheese price has increased for three consecutive days and may see more aggressive selling interest Friday. Buyers may not be willing to pay much more for cheese due to available supplies. More milk will move to manufacturing over the coming weeks as universities and schools close for the summer. This may leave the upside potential limited in the near term.

BUTTER:

The price has moved back up into the range it has been in for over a month. The dip in price early this week increased buying interest, bouncing the price back up. Limited upside potential is expected, and lower prices may be short-lived. Churning remains active, keeping a sufficient supply available to the market.

Thursday Closing Dairy Market Update - Positive Start to May for Dairy Market

MILK:

Class III futures traded higher today, seeing gains of 32-39 cents across most board months. While this appears like a good start to the month, the limited trade activity could be perceived as a false start without the support we saw in the cash market today.

AVERAGE CLASS III PRICES:

3 Month:	$17.84
6 Month:	$18.05
9 Month:	$18.03
12 Month:	$18.01

CHEESE:

Spot prices were higher on the day for both blocks and barrels. Supply is steady and available however sellers are trying to avoid building supply for this time of year. Spot milk prices remain low, with prices as much as $7.00 below class.

BUTTER:

As we saw yesterday, there was a small surge in interest in butter with more buyers coming to the plate today. Prices climbed higher with seven loads traded today. Butter futures are also increasing to start off the month anywhere from 0.75 cents to 1.45 cents higher. As in milk and cheese, supply is not an issue today, but a small bounce is welcomed.

OUTSIDE MARKETS SUMMARY:

July corn closed down 3.25 cents per bushel at $4.72.25, July soybeans closed up 5 cents at $10.5050 and July soybean meal closed down $3.70 per ton at $294.30. July Chicago wheat closed up 0.25 cents at $5.31. June live cattle closed $1.25 higher at $209.65. June crude oil is up 95 cents per barrel at $59.16. The Dow Jones Industrial Average is up 252 points at 40,922, with the NASDAQ up 382 points at 17,829.