OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Higher |
| SOYBEANS: | 23 Higher |
| SOYBEAN MEAL: | $9.60 Higher |
| LIVE CATTLE: | Unchanged |
| DOW JONES: | 106 Points Higher |
| NASDAQ: | 25 Points Higher |
| CRUDE OIL: | $2.23 Lower |
MIDDAY MARKET UPDATE:
Block cheese price increased 1.75 cents closing at $2.0525 with one load traded. Barrel cheese price increased 1.50 cents closing at $2.20 with six loads traded. It is interesting to see how the market changed from yesterday when no buyers showed up during spot trading. One can never tell from day to day how aggressive buyers and sellers will be. Dry whey price remained unchanged at 41 cents with no loads traded. The strength of cheese moved Class III futures off their lows with both the October and November contracts in positive territory. Futures contracts are 30 cents lower to 5 cents higher. The further out contracts show double-digit losses due to no trades taking place since before spot trading as bids and offers remain wide. Butter price remained unchanged at $3.1850 with no loads traded. No buyers or sellers showed up during spot trading which is very unusual. Grade A nonfat dry milk price slipped $0.50 ending at $1.5250 with no loads traded. Class IV futures have not yet traded. Butter futures are unchanged to 1.00 cent higher. Dry whey futures are unchanged to 2 cents lower. USDA increased its expectations for milk production this year and next year on the World Agricultural Supply and Demand report.
