OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Lower |
| SOYBEANS: | 1 Higher |
| SOYBEAN MEAL: | $7.30 Higher |
| LIVE CATTLE: | $1.52 Higher |
| DOW JONES: | 52 Points Lower |
| NASDAQ: | 6 Points Higher |
| CRUDE OIL: | $1.74 Lower |
MIDDAY MARKET UPDATE:
Block cheese price remained unchanged at $2.0850 with no loads traded. Barrel cheese price increased 0.25 cents closing at $3.1675 with one load traded. Dry whey price declined a penny to 48 cents with 2 loads traded. Butter remained steady at $2.94 with 16 loads traded. Buyers need product and remain willing to purchase it at these lofty levels feeling there is limited downside risk. Grade A nonfat dry milk declined 0.75 cents closing at $1.74 with 6 loads traded. Class III futures are 61 cents lower to 21 cents higher. The only gain is showing in the nearby July contract as much of that is already priced. The surprise is that futures contracts out6 into the middle of next year are showing substantial pressure. Class IV futures are 4-55 cents lower. Butter futures are unchanged to 6.60 cents lower. Dry whey futures are unchanged to down 0.60 cents.
