OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Higher |
| SOYBEANS: | 1 Higher |
| SOYBEAN MEAL: | Unchanged |
| LIVE CATTLE: | $0.30 Higher |
| DOW JONES: | 120 Points Lower |
| NASDAQ: | 176 Points Lower |
| CRUDE OIL: | $1.24 Higher |
MIDDAY MARKET UPDATE:
Block cheese price gained 3.75 cents, closing at $1.8725 with one load traded. Barrel cheese price declined 1.50 cents, closing at $1.57 with 10 loads traded. This moves the block/barrel spread wider again. As long as we see pressure on barrels keeping the spread wide, there may be limited upside potential. Dry whey price remained unchanged at 43 cents with no loads traded. Butter prices remained unchanged at $2.3950 with no loads traded. Grade A nonfat price remained unchanged at $1.2350 with no loads traded. Class III futures range from 3 to 16 cents higher. Class IV futures are 3 cents lower to 2 cents higher. Butter futures are 0.47 to 3.20 cents higher. Dry whey futures are 0.17 to 0.50 higher. USDA estimates a significant decline of milk production this year of 900 million pounds according to the World Agricultural Supply and Demand report.
