Butter Sharply Lower
Cash trade was volatile with some big price movements on this start of September. Butter was the biggest mover, trading 5.75 cents lower with futures now trading anywhere from 1.70 cents to 5 cents lower by midday.
OUTSIDE MARKETS SUMMARY:
| CORN: | 8 Higher |
| SOYBEANS: | 29 Higher |
| SOYBEAN MEAL: | $0.63 Higher |
| LIVE CATTLE: | $0.70 Lower |
| DOW JONES: | 328 Points Lower |
| NASDAQ: | 97 Points Lower |
| CRUDE OIL: | $3.74 Higher |
MIDDAY MARKET UPDATE:
The block cheese price lost 0.75 cents closing at $1.4750 with no loads traded. There were 5 uncovered offers remaining at the close of spot trading. The barrel cheese price fell 3.25 cents settling at $1.5325 with no loads traded. The dry whey price climbed 0.25 cents to 73.75 cents with 5 loads traded. Class III futures are 17 cents lower to 4 cents higher. The butter price lost a whopping 5.75 cents to close at $1.3925 with 27 loads traded. There were 3 unfilled bids and 63 uncovered offers remaining at the close. Grade A nonfat dry milk gained 3 cents to close at $1.90 with 14 loads traded. Class IV futures are anywhere from unchanged to 15 cents higher. Butter futures are 1.70 to 5 cents lower. Dry whey futures are mixed at 0.25 cents lower to 0.20 cents higher. Cheese futures are 0.09 to 0.17 cent lower. Nonfat dry milk futures are 4 cents higher.
Robin Schmahl can be reached at: rschmahl@agdairy.com
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