OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Higher |
| SOYBEANS: | 11 Higher |
| SOYBEAN MEAL: | $1.40 Lower |
| LIVE CATTLE: | $0.85 Higher |
| DOW JONES: | 221 Points Higher |
| NASDAQ: | 61 Points Lower |
| CRUDE OIL: | $0.79 Higher |
MIDDAY MARKET UPDATE:
Block cheese price remained unchanged at $1.8575 with no loads traded. Barrel cheese prices slipped a penny to $1.51 with no loads traded. There were no buyers showing up in either category with only one seller for a load of barrels. The market is quiet compared to what was experienced last week. Class III futures were higher in nearby months until spot trading showed otherwise. Futures are currently unchanged to 20 cents lower. Butter price fell 5.75 cents closing at $1.99 with only one load traded. There were no unfilled bids or uncovered offers remaining at the close. Grade A nonfat dry milk price increased 1.25 cents closing at $1.5675 with one load traded. Dry whey price remained unchanged at 70 cents. Class IV futures are 2 cents to 12 cents higher. Butter futures are 3.00 cents lower to 0.75 cent higher. Dry whey futures are unchanged to 0.25 cent higher. USDA will release the October Cold Storage report Monday afternoon. I expect to see a decrease of cheese inventory, but that inventory will remain higher than a year ago. Butter inventory should decline from the previous month as well as be lower compared to the previous year.
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