OUTSIDE MARKETS SUMMARY:
| CORN: | 12 Higher |
| SOYBEANS: | 3 Lower |
| SOYBEAN MEAL: | $0.60 Higher |
| LIVE CATTLE: | $3.20 Higher |
| DOW JONES: | 137 Points Higher |
| NASDAQ: | 16 Points Higher |
| CRUDE OIL: | $1.39 Lower |
MIDDAY MARKET UPDATE:
Block cheese price declined 5 cents, closing at $1.48 with 12 loads traded. Barrel cheese price declined 0.75 cent, closing at $1.3925 with 12 loads traded. Blocks tried to come back up during spot trading but eventually closed on the low. Barrels initially moved down 1.50 cents before buying interest reduced the loss. Class III futures traded higher early in the day but fell back once weakness in cheese was evident. However, futures bounce back from their lows a bit but remain negative in 2023 contracts, ranging from 2 to 33 cents lower. Contracts for 2024 are trading 2 to 23 cents higher. Butter price increased 2 cents, closing at $2.55 with three loads traded. Grade A nonfat dry milk price declined a penny, closing at $1.1050 with nine loads traded. The weakness of nonfat dry milk offset much of the gain of butter. However, butter futures are higher with gains of 2.00 to 4.25 cents. Dry whey futures are 0.90 cent lower to 0.07 cent higher.
.jpg)
