OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Higher |
| SOYBEANS: | 12 Higher |
| SOYBEAN MEAL: | $3.00 Higher |
| LIVE CATTLE: | $0.60 Higher |
| DOW JONES: | 16 Points Lower |
| NASDAQ: | 107 Points Lower |
| CRUDE OIL: | $0.44 Higher |
MIDDAY MARKET UPDATE:
Class III futures were under pressure prior to spot trading with some traders anticipating a retracement of spot prices. Initial pressure stemmed from dry whey price declining 2.50 cents closing at 72 cents with one load traded. This is the lowest price since Dec. 16, 2021. Block cheese then traded lower initially posting a loss of 1.50 cents before buyers turned more aggressive pushed price to $2.2750, up 3.50 cents with two loads traded. Barrel cheese price increased 4 cents, closing at $2.25 with 13 loads traded. This resulted in significant price swings over a brief period of time. Class III futures are unchanged to 26 cents lower. Butter price slipped 0.75 cent, closing at $2.7950 with no loads traded. Grade A nonfat dry milk price declined 2.75 cents, ending at $1.8525 with eight loads traded. Class IV futures are 12 to 29 cents lower. Butter futures are 3.75 cents lower to 0.25 cent higher. Dry whey futures are 1.65 to 3.24 cents lower.
