OUTSIDE MARKETS SUMMARY:
| CORN: | 7 Lower |
| SOYBEANS: | 16 Lower |
| SOYBEAN MEAL: | $12.10 Lower |
| LIVE CATTLE: | $0.20 Higher |
| DOW JONES: | 111 Points Lower |
| NASDAQ: | 119 Points Lower |
| CRUDE OIL: | $1.48 Higher |
MIDDAY MARKET UPDATE:
Block cheese price bounced 2.25 cents, closing at $2, with no loads traded and two unfilled bids remaining at the close. Barrel cheese price declined 0.50 cent, ending at $1.7350, with two loads traded and one uncovered offer remaining at the close. The most influence came from dry whey with price falling 4.50 cents, closing at 41 cents with 10 loads traded. It is very unusual to see that volume of loads traded in dry whey. Price matches the previous low from October 11th. If price falls below this level, it will move to the lowest level since late October. Class III futures are 20 cents lower to 2 cents higher with only nearby December posting a gain. Butter fell into another void with price falling 15.50 cents, closing at $2.70, with three loads traded. Grade A nonfat dry milk price gained a penny, closing at $1.36, with two loads traded. Class IV futures are trading 1-12 cents higher with only three contracts traded and the large gain taking place in September 2023. Butter futures are unchanged to 2.92 cents lower. Dry whey futures are 0.50-1 cent lower. USDA will release the November Milk Production report Monday afternoon. I estimate milk production to be up 1% from a year ago with cow numbers up 3,000 head from October.
