OUTSIDE MARKETS SUMMARY:
| CORN: | 11 Lower |
| SOYBEANS: | 6 Higher |
| SOYBEAN MEAL: | $1.90 Higher |
| LIVE CATTLE: | $0.62 Lower |
| DOW JONES: | 101 Points Higher |
| NASDAQ: | 52 Points Higher |
| CRUDE OIL: | $1.06 Higher |
MIDDAY MARKET UPDATE:
Block cheese price increased 6.25 cents closing at $1.7825 with six loads traded. Barrel cheese price increased 7 cents closing at $1.6550 with no load traded. There was an unfilled bid remaining at the close in each category. Dry whey price increased 0.25 cent closing at 25.25 cent with 11 loads traded. Class III milk futures were higher prior to spot trading but this fueled the fire increasing the buying interest of traders. Class III futures are 5-65 cents higher but have slipped back from the highs. September futures increased as much as 91 cents at one point. Butter price increased 4.75 cents closing at $2.5825 with 37 loads traded. Buying may have been triggered due to the upcoming hot weather and the bullish implications of the June Milk Production report. There was one unfilled bid remaining at the close. Grade A nonfat dry milk price increased 1.50 cents closing at $1.12 with no loads traded. Class IV futures are 11-18 cents higher. Butter futures are 0.35–2.75 cents higher. Dry whey futures are steady to 0.25 cent higher. USDA will release the Cattle Inventory report this afternoon.
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