OUTSIDE MARKETS SUMMARY:
| CORN: | 9 Higher |
| SOYBEANS: | 11 Higher |
| SOYBEAN MEAL: | $3.40 Lower |
| LIVE CATTLE: | $1.17 Lower |
| DOW JONES: | 247 Points Lower |
| NASDAQ: | 32 Points Lower |
| CRUDE OIL: | $0.11 Higher |
MIDDAY MARKET UPDATE:
Both block and barrel cheese prices remained steady at $2.3075 and $2.3950, respectively. There were no loads traded with no one showing up to do any business. This was a bit unusual due to the strength Wednesday as buyers wanted to take advantage of the lower prices. That did not carry over to Thursday. Dry whey price declined 1.25 cents, closing at 55.50 cents with five loads traded. This generally would have a negative impact on Class III futures, but that is not the case as futures are steady to 32 cents higher. Butter price jumped 7 cents, closing at $2.7050 with six loads traded. Buyers were aggressive with seven unfilled bids remaining at the close. Grade A nonfat dry milk increased 0.50 cents, ending at $1.7275 with three loads traded. Class IV futures are steady to 20 cents higher. Butter futures are 4.25 to 6.97 cents higher. Dry whey futures are 0.85 cent lower to 0.87 cent higher. USDA estimates milk production this year at 226.7 billion pounds with next year's initial projection at 229.5 billion pounds according to the World Agricultural Supply and Demand report.
