OUTSIDE MARKETS SUMMARY:
| CORN: | 6 3/4 Higher |
| SOYBEANS: | 7 1/2 Lower |
| SOYBEAN MEAL: | $6.30 Lower |
| LIVE CATTLE: | $0.72 Lower |
| DOW JONES: | 288 Points Higher |
| NASDAQ: | 76 Points Lower |
| CRUDE OIL: | $0.35 Higher |
MIDDAY MARKET UPDATE:
Cash cheese prices were mixed at the CME Friday morning. Barrel cheese prices gained 1 cent per pound, moving to $1.52 per cwt on two loads, while block cheese prices also moved to $1.52 per cwt after falling 2 cents per pound with three loads selling. The price shift which eliminated any price premium in the block cheese market is generally unusual, but also focused on the current buying situation where buyers are still adjusting positions and cash market needs for the holiday season. Early December will be extremely telling in the entire dairy complex as to the general tone of the market, and the price movements and market spreads between the barrel and block cheese markets will be one of the major factors to monitor over the upcoming days. Butter was untraded with prices unchanged going into the month of December, as light activity Friday was not a shock for the market. Class III milk futures are little changed at midday with very limited overall activity seen through the morning.
