OUTSIDE MARKETS SUMMARY:
| CORN: | 8 Higher |
| SOYBEANS: | 1 Higher |
| SOYBEAN MEAL: | $1.60 Higher |
| LIVE CATTLE: | $0.25 Lower |
| DOW JONES: | 11 Points Higher |
| NASDAQ: | 29 Points Higher |
| CRUDE OIL: | $0.59 Lower |
MIDDAY MARKET UPDATE:
Block cheese price initially traded lower before buyers became more aggressive. Price gained 5.75 cents, closing at $1.3925 with three loads traded. Barrel cheese declined 2.25 cents, closing at $1.3225 with 20 loads traded. This divergence moved the block/barrel spread to 7 cents with blocks above barrels where they have not been for quite some time. This does not necessarily mean the trend is shifting, but it could provide some initial stability. Dry whey price remained unchanged at 24 cents with no loads traded. Class III futures are 6-14 cents lower. Futures have come back from the lows, but remain negative as traders are not convinced the gain will hold. Butter price gained 2.75 cents, closing at $2.4675 with five loads traded. Grade A nonfat dry milk remained unchanged at $1.1175 with no loads traded. Class IV futures are 11 cents lower. Butter futures are 1.00 cent lower to 1.75 cents higher. Dry whey futures are steady to 1.05 cents lower.
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