OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Higher |
| SOYBEANS: | 11 Lower |
| SOYBEAN MEAL: | $0.40 Higher |
| LIVE CATTLE: | $1.07 Lower |
| DOW JONES: | 131 Points Lower |
| NASDAQ: | 21 Points Lower |
| CRUDE OIL: | $1.99 Higher |
MIDDAY MARKET UPDATE:
Block cheese just cannot hold price strength. Price declined 4 cents, closing at $1.3525, eliminating much of what was gained Monday. Barrels closed 2 cents higher at $1.3425 with 13 loads traded. Dry whey price remained steady at 24 cents with 13 loads traded. Class III futures are under pressure again with contracts unchanged to 30 cents lower. Butter price slipped 0.25 cent, closing at $2.4650 with six loads traded. Grade A nonfat dry milk price declined 0.75 cent, closing at $1.11. This made a new low, moving price back to the lowest level since March 24, 2021. Class IV futures are 24-29 cents lower. Butter futures are 0.20 to 1.45 cents lower. Dry whey futures are 0.45 cent lower to 0.10 cent higher. Income over feed for May was $4.83. This results in a payment of $4.67 per cwt for those who chose the $9.50 coverage level under the Dairy Margin Coverage program and have not yet reached the milk production cap of 5 million pounds.
