OUTSIDE MARKETS SUMMARY:
| CORN: | 20 Lower |
| SOYBEANS: | 25 Lower |
| SOYBEAN MEAL: | $12.90 Higher |
| LIVE CATTLE: | $1.72 Lower |
| DOW JONES: | 11 Points Higher |
| NASDAQ: | 29 Points Higher |
| CRUDE OIL: | $0.89 Higher |
MIDDAY MARKET UPDATE:
Block cheese declined 2.50 cents, closing at $1.4750 with two loads traded. Barrel cheese price declined 3 cents, closing at $1.39 with 10 loads traded. The four-day price trend higher came to an end Wednesday, ending the hopes of higher prices for the time being again. Traders were quick to sell the market with Class III futures 4 to 47 cents lower. Front-month July fell back 16 cents, eliminating the potential for price to move above $14.00. Dry whey price declined 0.25 cent, closing at 22.50 cents with 15 loads traded. This solidifies the idea that price rallies are short lived and may remain that way for a while. Butter price increased a penny, closing at $2.4975 with 10 loads traded. Grade A nonfat dry milk price increased 0.50 cent, closing at $1.0825 with no loads traded. Class IV futures are steady to 3 cents higher. Butter futures are steady to 0.62 cent lower. Dry whey futures are steady to 0.25 cent lower. USDA left milk production unchanged for this year and reduced the next year by 200 million pounds according to the World Agricultural Supply and Demand report.
