OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Lower |
| SOYBEANS: | 6 Higher |
| SOYBEAN MEAL: | $6.40 Higher |
| LIVE CATTLE: | $0.90 Higher |
| DOW JONES: | 140 Points Higher |
| NASDAQ: | 27 Points Lower |
| CRUDE OIL: | $1.73 Higher |
MIDDAY MARKET UPDATE:
Block cheese price declined 6.50 cents, closing at $1.79 with two loads traded. There were two unfilled bids and two uncovered offers remaining at the close. Barrel cheese price declined 4.25 cents, closing at $1.5875 with 16 loads traded. There were seven unfilled bids and one uncovered offer remaining at the close. Barrel price has nearly eliminated the gains seen since the low on March 2. Dry whey price remained unchanged at 36.50 cents with four loads traded. Class III futures do not reflect the weakness of cash with futures trading mixed. Contracts range from 5 cents lower to 12 cents higher. Butter price remained steady at $2.35 with no loads traded and no buyers or sellers showing up to do anything. Grade A nonfat dry milk price increased 1.50 cents, closing at $1.14 with two loads traded. Class IV futures show activity only in July with a price 46 cents higher. Butter futures are 0.42 cent lower to 2.50 cents higher. Dry whey futures are unchanged to 0.25 cent lower. USDA raised their estimate for milk production this year to 228.7 billion pounds, an increase of 200 million pounds from their March estimate.
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