Monday Midday Dairy Market Summary - Butter Slips Lower

OUTSIDE MARKETS SUMMARY:

CORN:	3 Lower
SOYBEANS:	4 Higher
SOYBEAN MEAL:	$1.80 Lower
LIVE CATTLE:	$0.12 Lower
DOW JONES:	274 Points Higher
NASDAQ:	119 Points Higher
CRUDE OIL:	$0.73 Lower

MIDDAY MARKET UPDATE:

Block cheese price remained steady at $1.70 with five loads traded. Barrel cheese price slipped 0.25 cent, closing at $1.6425 with five loads traded. There was an unfilled bid for a load of blocks and uncovered offers for two loads of blocks remaining at the close. Dry whey price remained unchanged at 33.50 cents with 12 loads traded. With the volume of loads of dry whey trade over the past number of weeks, one would think inventory would be tightening keeping the price trending higher. Class III futures are 11 cents lower to 2 cents higher. Butter price declined a penny to $3.35 with five loads traded. Buyers are interested in purchasing even at these higher levels. An unfilled bid remained at the close. Grade A nonfat dry milk price remained unchanged at $1.22 with no loads traded. Class IV futures are unchanged to 8 cents lower. Butter futures are 1.50 cents lower to 1.90 cents higher. Dry whey futures are unchanged to 0.20 cent lower.