OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Higher |
| SOYBEANS: | 32 Higher |
| SOYBEAN MEAL: | $14.60 Higher |
| LIVE CATTLE: | $0.12 Higher |
| DOW JONES: | 199 Points Lower |
| NASDAQ: | 9 Points Higher |
| CRUDE OIL: | $1.54 Higher |
MIDDAY MARKET UPDATE:
Block cheese increased 0.50 cent, closing at $2.38 with one load traded. There was an unfilled bid and an uncovered offer remaining at the close. Barrel cheese price declined 5 cents, closing at $2.40 with two loads traded. Buyers and sellers accomplished what they came to do with no bids or offers remaining. Dry whey price slipped 0.25 cent, closing at 50 cents with six loads traded. This should have put pressure on Class III futures but strength stems from the milk production report for the month of April showing milk production 1.0% below a year ago. Traders are looking past Thursday's spot prices anticipating further strength in the market. Class III futures are steady to 58 cents higher with July showing the greatest gain. Butter price increased 3.50 cents, closing at $2.8275 with nine loads traded. Grade A nonfat dry milk price increased 4.50 cents, ending at $1.79 with two loads traded. Class IV futures are 13 to 63 cents higher and rightly so with the increase of cash. Butter futures are 0.82 to 6.00 cents higher. Dry whey futures are steady to 1.50 cents higher.
