OUTSIDE MARKETS SUMMARY:
| CORN: | 11 Lower |
| SOYBEANS: | 5Lower |
| SOYBEAN MEAL: | $4.90 Higher |
| LIVE CATTLE: | $0.37 Lower |
| DOW JONES: | 84 Points Higher |
| NASDAQ: | 73 Points Lower |
| CRUDE OIL: | $0.69 Higher |
MIDDAY MARKET UPDATE:
A slight increase in cheese price Thursday had a negative impact on Class III futures. A larger increase Friday was positive to futures, but contracts did not increase as much as one would have anticipated. It only moved some contracts back to the level they were Wednesday. Rendering the increase of cheese Thursday and Friday really having little impact. Block cheese price increased 2.25 cents, closing at $1.99 with three loads traded. Barrel cheese price increased 2.25, closing at $1.8250 with one load traded. Dry whey price remained unchanged 27 cents with one load traded. Class III futures are 7 to 30 cents higher. Butter price remained unchanged at $2.69 with no loads traded. Grade A nonfat dry milk price remained unchanged at $1.11 with no loads traded. Class IV futures have only seen trade in the October contract and that is 6 cents higher. Butter futures are 1.00 cent lower to 1.00 cent higher. Dry whey futures are 0.25 to 0.67 cent lower. USDA estimated milk production this year at 227.9 billion pounds, down 500 million pounds from their previous estimate. Milk production for next year is estimated at 230.5 billion pounds, down 100 million pounds from their previous estimate.
