OUTSIDE MARKETS SUMMARY:
| CORN: | 1/2 Lower |
| SOYBEANS: | 1 1/2 Higher |
| SOYBEAN MEAL: | $3.70 Higher |
| LIVE CATTLE: | $0.65 Higher |
| DOW JONES: | 42 Points Higher |
| NASDAQ: | 130 Points Higher |
| CRUDE OIL: | $4.18 Lower |
MIDDAY MARKET UPDATE:
Firm pressure is seen in all nearby Class III milk futures prices as trades focus on the overall lack of new direction and support in dairy product markets at this point, while also assessing mixed trade seen in grain trade and light to moderate gains in financial markets. The volatility over the last couple of weeks has kept markets generally cautious at best, but there is hope that end-of-year buying needs will bring some renewed support to the market.
October Class III milk futures fell 15 cents per cwt through morning trade, currently at $16.78 per cwt. November futures are holding above the $17 per cwt threshold but contain a 25 cent per cwt loss during morning trade. Cash dairy product trade remained sluggish, with limited loads traded and no uncovered bids or unfilled offers left on the table. Butter prices bounced 1 cent higher at $3.43 per pound, while block cheese prices fell 4 cents per pound at $1.68 per pound. The monthly dairy product report will be released later this afternoon, but this is not expected to create any shockwaves, and will likely have minimal aggressive price impact on trade through the end of the week.
