OUTSIDE MARKETS SUMMARY:
| CORN: | 31 Lower |
| SOYBEANS: | 25 Lower |
| SOYBEAN MEAL: | $7.40 Lower |
| LIVE CATTLE: | $0.57 Lower |
| DOW JONES: | 609 Points Higher |
| NASDAQ: | 313 Points Higher |
| CRUDE OIL: | $1.54 Higher |
MIDDAY MARKET UPDATE:
Block cheese price declined 4.50 cents, closing at $2.10 with only one load traded. This is another blow to those who have held a bullish attitude with the elimination of much of the gain realized Friday. Barrel cheese price increased 1.25 cents, closing at $2.17 with no loads traded. Dry whey price remained unchanged at 50.75 with no loads traded. Class III futures were lower moving into spot trading and continue to remain mostly lower with a few contracts showing minor gains. Futures are 28 cents lower to 9 cents higher. Butter price declined a penny to $2.93 with no loads traded. Grade A nonfat dry milk price increased a penny, closing at $1.18 with two loads traded. Class IV futures are steady to 11 cents higher. Butter futures are 0.02 to 5.25 cents higher with prices higher for the deferred contracts. Dry whey futures are 0.05 to 0.37 cent higher. USDA will release the May Milk Production report Tuesday afternoon. I estimate milk production to be 1% below a year ago and cow numbers to be unchanged from April.
