OUTSIDE MARKETS SUMMARY:
| CORN: | 3 1/2 Lower |
| SOYBEANS: | 11 1/4 Lower |
| SOYBEAN MEAL: | $4.50 Lower |
| LIVE CATTLE: | $1.30 Higher |
| DOW JONES: | 310 Points Higher |
| NASDAQ: | 164 Points Higher |
| CRUDE OIL: | $0.79 Higher |
MIDDAY MARKET UPDATE:
Class III milk prices continue to show some underlying buyer support Friday morning, although at midday traders have backed away from session highs seen during the first couple hours of trade. November Class III milk futures are leading the market higher with a rally of 16 cents per cwt, moving to $17.44. December futures are also higher with a 7-cent gain.
Even though October is just beginning, the trade focus has quickly moved away from the October contract month and is squarely placed on November and December contracts, which will continue to have the most significant trade volume and open interest over the upcoming trading days. Barrel and block cheese prices posted firm gains of 1.75 cents per pound with barrel prices ending the week at $1.5775 while block cheese prices are at $1.7025. Ten loads of block cheese were sold while five loads of barrel cheese exchanged hands with no additional bids and offers remaining on the trading floor.
For the week, block cheese prices fell 1.75 cents per pound with 24 loads sold and barrel cheese prices gained 3.5 cents with 20 loads traded. Butter prices continue to inch higher at 1.75 cents per pound although no sales developed on the exchange Friday. The butter price moved to $3.5025 per pound. For the week, butter prices gained 16.25 cents per pound, directly related to recent production losses in the latest dairy production report.
