DTN Midday Dairy Comments

OUTSIDE MARKETS SUMMARY:

CORN:	9 Higher
SOYBEANS:	29 Higher
SOYBEAN MEAL:	$5.60 Higher
LIVE CATTLE:	$0.62 Higher
DOW JONES:	257 Points Higher
NASDAQ:	146 Points Higher
CRUDE OIL:	$1.14 Higher

MIDDAY MARKET UPDATE:

Block cheese price increased a penny closing at $1.41 with 4 loads traded. Barrel cheese price declined 0.25 cent ending at $1.5075 with one load traded. There were 3 unfilled bids for blocks and 2 unfilled bids for barrels remaining at the close. This might indicate prices could find some support on Friday. Dry whey slipped 0.25 cent closing at 26.50 cents with 12 loads traded. Traders found no comfort in the gain of blocks taking futures down further than the gains yesterday in the nearby months. Futures are 53 cents lower to 5 cents higher. July is taking the brunt of the selling. Butter price increased 3.25 cents closing at $2.38 with one load traded. There were 3 unfilled bids and one uncovered offer remaining at the close. Grade A nonfat dry milk price declined 0.75 cent closing at $1.1425 with 3 loads traded. Class IV futures are steady with only the January and April contracts trading. Butter futures are 0.47 cent lower to $1.87 cents higher. Dry why futures are 0.40-0.60 cent lower. USDA will release the May Livestock Slaughter report Thursday afternoon showing the number of dairy cattle slaughtered for the month.

Robin Schmahl can be reached at rschmahl@agdairy.com

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