OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Higher |
| SOYBEANS: | 15 Lower |
| SOYBEAN MEAL: | $0.40 Higher |
| LIVE CATTLE: | $1.30 Higher |
| DOW JONES: | 159 Points Lower |
| NASDAQ: | 106 Points Lower |
| CRUDE OIL: | $0.86 Lower |
MIDDAY MARKET UPDATE:
Block cheese price declined 8.75 cents closing at $1.53 with 11 loads traded. Buyers were interested in buying but only at reduced prices. There were 10 uncovered offers for loads of blocks with one bid. That does not bode well for the market. Barrel cheese price declined 1.25 cents closing at $1.49 with 17 loads traded. There was one unfilled bid remaining at the close. Dry whey price increased 0.25 cent with seven loads traded. Class III futures are 3-32 cents lower with June showing the greatest loss. Butter price slipped 0.75 cent closing at $2.40 with one load traded. Grade A nonfat dry milk price remained steady with two loads traded. Class IV futures are 10 cents lower with trading so far only taking place in the July contract. Butter futures are 0.60 cent lower to 0.50 cent higher. Dry whey futures are steady to 0.20 cent higher. USDA reduced their estimate for milk production by 100,000 pounds, estimating production at 228.6 billion pounds.
