OUTSIDE MARKETS SUMMARY:
| CORN: | 10 Higher |
| SOYBEANS: | 3 Lower |
| SOYBEAN MEAL: | $0.70 Higher |
| LIVE CATTLE: | Unchanged |
| DOW JONES: | 282 Points Higher |
| NASDAQ: | 111 Points Lower |
| CRUDE OIL: | $1.72 Lower |
MIDDAY MARKET UPDATE:
Block cheese price declined 5 cents, closing at $1.54 with nine loads traded. Much of the trading activity took place during the conditional extension trading period. Barrel cheese price increased 2.50 cents, closing at $1.51 with two loads traded. Dry whey price remained unchanged at 39.75 cents with no loads traded. Class III futures are 14 cents lower to 7 cents higher. Butter price increased for the third consecutive day, posting a gain of 3.25 cents closing at $2.65 with one load traded. There was an unfilled bid remaining at the close like yesterday which may indicate further strength on Friday.
Grade A nonfat dry milk price declined 2 cents, closing at $1.1750 with nine loads traded. The weakness of nonfat dry milk more than offsets the gain of butter. Class IV futures are 5 cents lower to 12 cents higher. Butter futures are 1.75 to 3.12 cents higher. Dry whey futures are steady to 1 cent higher.
USDA will release the October Agricultural Prices report today which will provide prices used in the calculation of income over feed for the Dairy Margin Coverage program.
