OUTSIDE MARKETS SUMMARY:
| CORN: | 10 Higher |
| SOYBEANS: | 8 Higher |
| SOYBEAN MEAL: | $5.80 Higher |
| LIVE CATTLE: | $0.45 Higher |
| DOW JONES: | 221 Points Higher |
| NASDAQ: | 229 Points Higher |
| CRUDE OIL: | $0.56 Lower |
MIDDAY MARKET UPDATE:
No buyers showed up during spot trading for blocks. Price was under selling pressure eventually closing 5.75 cents lower at $1.89 with no loads traded. Barrel cheese price declined 0.75 cent closing at $1.8050 with 2 loads traded. Price initially gained slightly before sellers became more aggressive and price slipped lower. Dry whey price increased 0.50 cent closing at 26 cents with no loads traded. Class III futures were again higher ahead of spot trading only to fall when spot prices showed some weakness. Futures are 14 cents lower to 2 cents higher. Butter price increased 1.50 cents closing at $2.7050 with lo loads traded. This is quite a change as trading has been very active over the past 2 weeks. Grade A nonfat dry milk price declined 0.75 cent closing at $1.0950 with no loads traded. The weakness of nonfat offset the gain of butter. Class IV futures have only traded in the February 2024 contract with the price down 35 cents. Butter futures are 1.00 cent lower to 0.52 cent higher. Dry whey futures are 0.15 – 0.82 cent lower. USDA will release the July Cold Storage report this afternoon.
