July 22 spot session results:
Block cheese: $2.0300 (up 0.25¢)
Barrel cheese: $2.0700 (unchanged)
Grade A NFDM: $1.6750 (unchanged)
Butter: $2.5800 (up 7.0¢)
• Class III & Cheese to open higher
• Dry whey to open mixed
• NFDM to open mixed
• Class IV & Butter to open higher
Corn and soybeans continued to chop sideways intraday Tuesday, but ultimately closed lower as benign weather and moderate fund selling (long liquidation) continue to weigh on prices. We continue to hear of how the fields look beautiful and green and the best in 10 years. So while we expected to see a mid-summer rally at some point, the corn market looks poised for more weakness. The next concern that may emerge is an early frost, which will likely get some traction in August. But for now, corn looks to have more downside.
• Corn to open mixed
• Soybeans to open higher
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