OUTSIDE MARKETS SUMMARY:
| CORN: | 7 Lower |
| SOYBEANS: | 9 Higher |
| SOYBEAN MEAL: | $7.90 Higher |
| LIVE CATTLE: | $0.55 Higher |
| DOW JONES: | 89 Points Lower |
| NASDAQ: | 155 Points Higher |
| CRUDE OIL: | $0.05 Higher |
MIDDAY MARKET UPDATE:
Block cheese price declined 2 cents closing at $2.0075 with no loads traded. Barrel cheese price slipped 0.25 cent closing at $1.8050 with no loads traded. There was an uncovered offer in each with no buyers showing up to the market. Dry whey price declined a penny closing at 26 cents with four loads traded. Class III futures are 8 cents lower to 35 cents higher. The only loss is in the May 2024 contract with the greatest gain in September. Butter increased 4 cents closing at $2.74 with 12 loads traded. There were two unfilled bids and one uncovered offer remaining at the close. Grade A nonfat dry milk slipped 0.25 cent closing at $1.1025 with six loads traded. Class III futures are 9 cents lower to 11 cents higher. Butter futures are 0.55 cent lower to 1.00 cents higher. Dry whey futures are steady to 0.45 cent higher. USDA will release the July Milk Production report this afternoon. I estimate milk production to be 0.3 percent below a year ago with cow numbers 10,000 head below June.
