OUTSIDE MARKETS SUMMARY:
| CORN: | 15 Higher |
| SOYBEANS: | 34 Higher |
| SOYBEAN MEAL: | $2.90 Higher |
| LIVE CATTLE: | $0.52 Lower |
| DOW JONES: | 100 Points Lower |
| NASDAQ: | 70 Points Higher |
| CRUDE OIL: | $0.65 Higher |
MIDDAY MARKET UPDATE:
Spot trading did not begin on a positive note as dry whey price declined a penny. Price closed at 25.50 cents with seven loads traded. Sellers continue to bring supply to the market even though price is at multiple-year lows. However, cheese showed greater buyer interest with blocks increasing 6.50 cents closing at $1.60 with two loads traded. Barrels increased 4.50 cents closing at $1.5150 with 11 loads traded. This put further support under the market with futures moving higher. The gain of futures was not as much as would be expected as traders remain cautious over price potential. The pattern has been that cheese prices have seen two days of strength before sellers again become more aggressive. Butter price declined a penny closing at $2.40 with one load traded. Grade A nonfat dry mild gained 0.75 cent with two loads traded. Class IV futures have shown little price movement.
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