OUTSIDE MARKETS SUMMARY:
| CORN: | 8 Lower |
| SOYBEANS: | 21 Lower |
| SOYBEAN MEAL: | $1.30 Higher |
| LIVE CATTLE: | $4.22 Lower |
| DOW JONES: | 92 Points Lower |
| NASDAQ: | 29 Points Lower |
| CRUDE OIL: | $0.92 Higher |
MIDDAY MARKET UPDATE:
Block cheese price gained a penny closing at $1.64 with 5 loads traded. Price initially increased 2.50 cents before selling became more aggressive taking price from the high. There was an offer for a load of blocks remaining at the close of spot trading. Barrel cheese price gained 3 cents closing at $1.65 with 2 loads traded. Dry whey price gained 0.25 cent closing at 39.50 cents with 2 loads traded. Class III futures were positive moving into spot trading but have since turned mixed with contracts ranging from 12 cents lower to 15 cents higher. Butter price fell 9.75 cents closing at $2.70 with 10 loads traded and the lowest level since September 11, 2023. There were no unfilled bids or uncovered offers remaining at the close with all buyers and sellers satisfied. Grade A nonfat dry milk price increased 2 cents closing at $1.20 with one load traded. Class IV futures are 3-11cents higher. Butter futures are 1.25 cents lower to 3 cents higher. Dry whey futures are steady to 0.40 cent higher. USDA reduced their estimate for milk production to 227.1 billion pounds this year and to 230.0 billion pounds for 2024.
