Butter Falls Below $2
Class III futures are under pressure despite the increase in the block cheese price. Barrel cheese slipped along with dry whey. Most of the pressure stemmed from the weakness of butter, with the price falling below $2.00.
OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Lower |
| SOYBEANS: | 7 Lower |
| SOYBEAN MEAL: | $4.30 Lower |
| LIVE CATTLE: | $1.92 Higher |
| DOW JONES: | 183 Points Lower |
| NASDAQ: | 61 Points Higher |
| CRUDE OIL: | $1.22 Higher |
MIDDAY MARKET UPDATE:
The block cheese price increased 0.75 cent, closing at $1.67256 with two loads traded. The barrel cheese price slipped 0.50 cent, closing at $1.6750 with no loads traded. The dry whey price decreased a penny, closing at 59.00 cents with no loads traded. Class III futures are under pressure, with contracts 32 cents lower to 3 cents higher. Higher futures are only in the May and July contracts. The butter price decreased 4.00 cents, closing at $1.9650 with 14 loads traded. This is the lowest price since Nov. 17, 2021, and still no bottom in sight. Grade A nonfat dry milk decreased 1.25 cents, closing at $1.1875 with seven loads traded. Class IV futures are 15 to 25 cents lower. Butter futures are 2.50 to 7.50 cents lower. Dry whey futures are 1.00 cents lower to 4.00 cents higher. Cheese futures are 0.10 to 2.70 cents lower.
Robin Schmahl can be reached at: rschmahl@agdairy.com
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