OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Lower |
| SOYBEANS: | 3 Lower |
| SOYBEAN MEAL: | $1.70 Lower |
| LIVE CATTLE: | $0.67 Higher |
| DOW JONES: | 236 Points Lower |
| NASDAQ: | 151 Points Lower |
| CRUDE OIL: | $1.96 Higher |
MIDDAY MARKET UPDATE:
The handwriting seems to be on the wall with the inability of cheese prices to move outside of their ranges. The weakness of dry whey and Grade A nonfat dry milk moving to the lowest level it has been since October 7, 2021, does not bode well for the market moving through the end of the year. Block cheese price remained unchanged at $2.05 with no loads traded. Barrel cheese price increased 1.50 cents closing spot trading at $2.2050 with one load traded. Dry whey price slipped 0.25 cent with no loads traded. Class III futures did not initially move on the strength but did finally move higher with November gaining as much as 57 cents at one point. However, futures were not able to hold the gains but remain mostly higher. Contracts range from 9 cents lower to 50 cents higher. Butter price remained steady at $3.20 with no loads traded. Grade A nonfat dry milk declined 2.75 cents closing at $1.44 with seven loads traded. Class IV futures have only traded way out in July and August contracts with prices down 5-9 cents. Dry whey futures have not yet traded.
