OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Higher |
| SOYBEANS: | 18 Higher |
| SOYBEAN MEAL: | $10.00 Higher |
| LIVE CATTLE: | $0.35 Higher |
| DOW JONES: | 4 Points Higher |
| NASDAQ: | 10 Points Lower |
| CRUDE OIL: | $0.73 Higher |
MIDDAY MARKET UPDATE:
Block cheese price increased 0.75 cent, closing at $2.0575 with one load traded. Barrel cheese price fell 6 cents, closing at $2.1450 with no loads traded. No buyers showed up looking to purchase. The drop of barrels more than offset any support from a higher block price. Barrels took back much of what had been gained over the past three days. Dry whey price increased 0.50 cent, closing at 44 cents with one load traded. Class III futures were as much as 50 cents higher in the nearby months prior to spot trading. Contracts now range from 21 cents higher to 16 cents lower. Butter price remained unchanged at $3.20 with no load traded. Grade A nonfat dry milk price declined 1.50 cents to $1.4250 with no loads traded. This moves price to the lowest level it has been since Oct. 5, 2021. Class IV milk futures are 2-11 cents higher. Butter futures are 1.25-2.55 cents higher. Dry whey futures are unchanged to 1.57 cents higher. USDA will release the September Milk Production report Thursday afternoon. I estimate milk production to be 1.2% above a year ago with cow numbers up 2,000 head from August.
