OUTSIDE MARKETS SUMMARY:
| CORN: | 33 Lower |
| SOYBEANS: | 64 Lower |
| SOYBEAN MEAL: | $13.50 Lower |
| LIVE CATTLE: | $1.45 Lower |
| DOW JONES: | 811 Points Higher |
| NASDAQ: | 163 Points Higher |
| CRUDE OIL: | $1.67 Lower |
MIDDAY MARKET UPDATE:
Block cheese price declined 7.25 cents, closing at $1.9450 with one load traded. Barrels declined 5 cents, closing at $1.90 with two loads traded. This was a surprise to traders as it was anticipated cheese prices would at least hold. The bullish implications of the milk production report caused traders to anticipated higher prices as the year progresses and that may yet still be the case. It was anticipated buyers of cheese and butter would be aggressive looking to increase ownership for later demand. Price strength was expected to follow a similar pattern as they did after the World Agricultural Supply and Demand report earlier this month. However, that was not the case. Cheese buyers held back resulting in lower prices. Butter price declined 7.50 cents, settling at $2.5875 with two loads traded. Grade A nonfat dry milk price declined 1.50 cents with five loads traded. Dry whey price remained unchanged at 78 cents with no loads traded. Class III futures are 2-79 cents lower. Class IV futures are 7 to 46 cents lower. Butter futures are 2.07 cents higher to 5.92 cents lower. Dry whey futures are steady to 0.50 cent higher
