OUTSIDE MARKETS SUMMARY:
| CORN: | 20 Lower |
| SOYBEANS: | 11 Lower |
| SOYBEAN MEAL: | $0.70 Higher |
| LIVE CATTLE: | $1.12 Lower |
| DOW JONES: | 956 Points Lower |
| NASDAQ: | 481 Points Lower |
| CRUDE OIL: | $2.54 Lower |
MIDDAY MARKET UPDATE:
Block cheese price increased 0.50 cent, closing at $2.3750 with three loads traded. Barrel cheese price remained unchanged at $2.45 with three loads traded. Barrels actually were 0.50 cent higher at one point but were unable to hold the gain. This keeps a cautious tone in the market as traders assess whether price may have reached a ceiling. Butter price increased 2.25 cents, closing at $2.7925 with seven loads traded. Grade A nonfat dry milk remained unchanged at $1.7450 with no loads traded. Dry whey increased 0.50 cent, settling at 50.25 with four loads traded. Class III futures are 3 to 20 cents lower. Class IV futures are 4 to 5 cents lower. Butter futures are 0.97 cent lower to 1.97 cents higher. Dry whey futures are 0.30 to 1.47 cents higher. USDA will release the April Milk Production report Wednesday afternoon. I estimate milk production to be 0.4% below April 2021 with cow numbers up 4,000 head from March.
