| OUTSIDE MARKETS SUMMARY: CORN: |
Unchanged |
| SOYBEANS: | 10 Lower |
| SOYBEAN MEAL: | $0.90 Lower |
| LIVE CATTLE: | $0.15 Lower |
| DOW JONES: | 18 Points Higher |
| NASDAQ: | 54 Points Higher |
| CRUDE OIL: | $0.46 Higher |
MIDDAY MARKET UPDATE:
Block cheese price declined a penny to $1.76 with one load traded. Price is down at the lowest level since Jan. 27. Barrel cheese price declined 0.50 cent, closing at $1.8750 with four loads traded. Dry whey price remained unchanged at 46 cents with no loads traded. Class III futures were under some pressure prior to spot trading after trading higher overnight and this morning. However, selling began to be more aggressive prior to spot trading in anticipation of lower cheese prices and the fact that the market moved substantially higher even after spot price traded lower Tuesday. Futures are now making a correction with contracts ranging from 39 cents lower to 17 cents higher. Butter price fell back to $3.00, a loss of 5.50 cents with 11 loads traded. Grade A nonfat dry milk price declined 0.50 cent, closing at $1.54 with no loads traded. Class IV futures are 24 cents lower to 22 cents higher. Butter futures are 4.97 cents lower to 0.15 cent higher. Dry whey futures are 0.45 to 2.00 cents higher.
