OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Higher |
| SOYBEANS: | 32 Higher |
| SOYBEAN MEAL: | $9.50 Higher |
| LIVE CATTLE: | $5.17 Higher |
| DOW JONES: | 177 Points Higher |
| NASDAQ: | 157 Points Higher |
| CRUDE OIL: | $2.53 Higher |
MIDDAY MARKET UPDATE:
Block cheese did an about-face Thursday with price increasing 8.25 cents, closing at $1.5025 with two loads traded. Buyers were looking for some cheese and could not find it and had to bid higher. The first load traded at $1.5050 with the second load setting the closing price. There were no unfilled bids or uncovered offers remaining at the close. Barrel cheese prices gained 1.25 cents, closing at $1.51 with seven loads traded. Dry whey price declined 1.25 cents, closing at 25.75 with nine loads traded. Class III futures are 5 cents lower to 35 cents higher. Traders remain cautious over upside potential as the increase of cheese today should be pushing futures quite a bit higher. Butter price increased a penny to $2.4650 with no loads traded. Grade A nonfat dry milk price gained 1.50 cents, closing at $1.17 with three loads traded. Class IV futures are 8 cents lower to 4 cents higher with rather heavy trading activity. Butter futures are 1.50 to 2.75 cents higher. Dry whey futures are steady to 0.82 cent higher. The average soybean meal price for April was released this morning at $457.25 per ton. This was a decrease of $27.15 from March. This puts the income over feed for April at $5.84.
