OUTSIDE MARKETS SUMMARY:
| CORN: | 10 Lower |
| SOYBEANS: | 4 Lower |
| SOYBEAN MEAL: | $2.80 Higher |
| LIVE CATTLE: | $1.10 Lower |
| DOW JONES: | 92 Points Higher |
| NASDAQ: | 84 Points Lower |
| CRUDE OIL: | $0.29 Higher |
MIDDAY MARKET UPDATE:
Cheese prices diverged, taking some of the early bullishness out of the market. Block cheese price increased 2 cents, closing at $1.93 with two loads traded. Barrel cheese price declined 4.25 cents, closing at $1.6325 with 10 loads traded. The weakness of barrels more than offset the strength of blocks, which has impacted the January Class III contract, taking it from a high of $20.00 earlier Tuesday to the current level of $19.85. Class III futures are mixed with prices ranging from 5 cents lower to 15 cents higher. Butter price jumped 9.50 cents, closing at $2.40 with 12 loads traded. Buyers seem to be in a frenzy now that price continue to increase when seasonally it decreases. Price is now back to the highest level it has been since July 19, 2019. There is no indication a price resistance level has been achieved. Grade A nonfat dry milk price declined 0.50 cent, closing at $1.6675 with three loads traded. Dry whey price remained unchanged at 75 cents with no loads traded. Class IV futures are 1 to 25 cents higher. Butter futures are 0.25 to 6.90 cents higher. Dry whey futures are steady to 1.42 cents higher.
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