OUTSIDE MARKETS SUMMARY:
| CORN: | Unchanged |
| SOYBEANS: | 13 Higher |
| SOYBEAN MEAL: | $8.80 Higher |
| LIVE CATTLE: | $0.42 Higher |
| DOW JONES: | 28 Points Higher |
| NASDAQ: | 9 Points Lower |
| CRUDE OIL: | $0.26 Lower |
MIDDAY MARKET UPDATE:
Block cheese price increased 0.25 cent, closing at $1.7025 with six loads traded. Barrel cheese price increased 0.25 cent, closing at $1.6450 with one load traded. This provided some support to the market but much of the support for Class III futures stemmed from the gain of dry whey of 3.50 cents moving price to 37 cents. This is the highest price since April 19. Dry whey is proving itself after a long period of a choppy sideways market. Heavy spot trading activity over the past month may have finally reduced inventory, resulting in buyers needing to be more aggressive. Class III futures are one cent lower to 44 cents higher with November showing the greatest gain. Butter turned higher as buyers were aggressive in pushing price 6 cents higher, closing at $3.41 with three loads traded. Buyers have no intention of holding back and letting price fall as they need product to fill orders and increase ownership for upcoming demand. Grade A nonfat dry milk gained a penny, closing at $1.23 with 10 loads traded. Class IV futures are 2 cents lower to 28 cents higher. Butter futures are 1.00 cent lower to 2.47 cents higher. Dry whey futures are 0.15 to 1.62 cents higher.
