OUTSIDE MARKETS SUMMARY:
| CORN: | 14 Lower |
| SOYBEANS: | 5 Lower |
| SOYBEAN MEAL: | $11.40 Higher |
| LIVE CATTLE: | $1.67 Higher |
| DOW JONES: | 708 Points Higher |
| NASDAQ: | 432 Points Higher |
| CRUDE OIL: | $15.28 Lower |
MIDDAY MARKET UPDATE:
Block cheese price increased a penny, closing at $2.2325 with no loads traded. One unfilled bid moved the market higher with no sellers showing up during spot trading. Barrel cheese increased 1.50 cents, closing at $2.0850 with six loads traded and an uncovered offer remaining at the close. Dry whey remained unchanged at 785.75 with one load traded. Class III futures showed more strength during and shortly after spot trading but has since succumbed to heavier selling pressure. Class III futures are 15 to 41 cents lower. Butter increased 1.25 cents, closing at $2.7775 with three loads traded. Price initially moved to $2.80 before more aggressive selling moved price back 2.25 cents. Grade A nonfat dry milk slipped a penny closing at $1.8450 with no loads traded. Class IV futures are unchanged to 21 cents lower. Butter futures are 2.25 cents lower to 2.00 cents higher. Dry whey futures are 1.22 cents lower to 0.42 cent higher. USDA reduced estimated milk production this year to 226.0 billion pounds. This is a decrease of 1.2 billion pounds from February.
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