OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Lower |
| SOYBEANS: | 6 Higher |
| SOYBEAN MEAL: | $10.10 Higher |
| LIVE CATTLE: | $0.70 Lower |
| DOW JONES: | 773 Points Higher |
| NASDAQ: | 261 Points Higher |
| CRUDE OIL: | $1.57 Lower |
MIDDAY MARKET UPDATE:
Both blocks and barrel cheese prices remained unchanged at $1.9600 and $1.9250, respectively. There was one load traded in blocks with two uncovered offers remaining at the close. No buyers or sellers showed up for barrels. Even though stability took place Friday, it had no impact on Class III futures. The weakness of the past week was not going to turn the bearishness of the market just because cheese prices were steady. Dry whey futures were unchanged at 43 cents with no loads traded. Class III futures are unchanged to 17 cents lower. Butter price slipped another 0.50 cent, closing at $3.14 with eight loads traded. Buyers were more aggressive at doing business but not aggressive enough to push price higher. Sellers were willing to move product at bids, leaving one uncovered offer remaining at the close. This certainly does not suggest a fear of running out of butter. Grade A nonfat dry milk increased a penny, closing at $1.43 with one load traded. Class IV futures trading activity has been light with prices ranging from 12 cents lower to 2 cents higher. Butter futures are 2.27 to 2.97 cents higher. Dry whey futures are unchanged to 0.50 cent lower.
