OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Higher |
| SOYBEANS: | 2 Higher |
| SOYBEAN MEAL: | $1.50 Lower |
| LIVE CATTLE: | $0.45 Higher |
| DOW JONES: | 746 Points Higher |
| NASDAQ: | 194 Points Higher |
| CRUDE OIL: | $2.29 Higher |
MIDDAY MARKET UPDATE:
Block cheese price increased 0.25 cent, closing at $2.0550 with three loads traded. Barrel cheese price increased 1.50 cents to $2.2150 with three loads traded. Butter price remained unchanged at $3.1850 with no loads traded. Grade A nonfat dry milk price declined 2.50 cents, closing at $1.50 with three loads traded. Dry whey jumped 3.25 cents with one load traded. A move of this magnitude is significant for this market. There were two unfilled bids and an uncovered offer remaining at the close. Class III futures are not reacting to the strength, as futures are 29 cents lower to 4 cents higher. The only gain is seen in the October contract, which is mostly priced by the trade and will see limited movement through the end of the month. Traders may be more bearish due to the CPI showing an 8.2% increase, which was higher than expected and may affect consumer demand once holiday buying in finished. It is anticipated interest rates will be moved another 75 basis points higher at the next Fed meeting. Class IV futures are 8-31 cents lower with November showing the greatest loss. Butter futures are 3.65 cents lower to 1.95 cents higher. Dry whey futures are 0.25 cent lower to 0.50 cent higher.
