OUTSIDE MARKETS SUMMARY:
| CORN: | 19 Higher |
| SOYBEANS: | 32 Higher |
| SOYBEAN MEAL: | $25.00 Higher |
| LIVE CATTLE: | $0.12 Lower |
| DOW JONES: | 40 Points Lower |
| NASDAQ: | 157 Points lower |
| CRUDE OIL: | $1.27 Higher |
MIDDAY MARKET UPDATE:
Block cheese trading began with concern as the price declined 0.25 cent before buying interest moved price 2.25 cents higher closing at $1.40 with four loads traded. There were seven unfilled bids remaining at the close, which may suggest further upside is possible. Barrel cheese price remained unchanged at $1.51 with one load traded. There were three unfilled bids and one uncovered offer remaining at the close. Dry whey price slipped 0.25 cent closing at 26.75 cents with nine loads traded. There were four unfilled bids and four uncovered offers remaining at the close. Class III futures have been on a roller coaster with early strength eroding after the beginning of spot trading only to come back slightly. Futures range from steady to 19 cents higher. Butter price slipped 0.25 cent ending at $2.3475 with one load traded. There were three unfilled bids and two uncovered offers remaining at the close. Grade A nonfat dry milk price declined 0.50 cent closing at $1.15 with one load traded. There were two unfilled bids and seven uncovered offers remaining at the close. USDA will release the May Milk Production report this afternoon. I estimate milk production to be up 0.2% from a year ago and cow numbers to be down 4,000 head from April.
