OUTSIDE MARKETS SUMMARY:
| CORN: | 9 3/4 Higher |
| SOYBEANS: | 8 Higher |
| SOYBEAN MEAL: | $5.70 Higher |
| LIVE CATTLE: | $0.65 Lower |
| DOW JONES: | 152 Points Lower |
| NASDAQ: | 86 Points Lower |
| CRUDE OIL: | $1.29 Lower |
MIDDAY MARKET UPDATE:
Class III milk prices bounced higher Thursday morning as traders adjusted holdings following midweek pressure. Nearby milk prices are holding double-digit gains at midday with spot October contracts 19 cents higher. November futures are leading the complex higher with a 20-cent gain at $17.27 per cwt.
Much of the morning support is based on a combination of tighter butter production supplies, firmness in outside ag prices and offsetting the potentially overaggressive milk pressure seen Wednesday. Cash cheese prices bounced moderately higher but were not the main attraction on the cash exchange market. Butter prices surged 5.5 cents per pound.
The strong month-over-month production losses seen in Wednesday's monthly dairy production report created renewed support and helped push prices to $3.485 per pound. Although trade volume remained light with no sales exchanging hands, one uncovered bid indicated that additional gains may be seen soon. Block cheese prices closed at $1.685 per pound following a 0.5 cent per pound gain, while barrel cheese moved to $1.56 per pound, moving 1.75 cents per pound for the day.
