OUTSIDE MARKETS SUMMARY:
| CORN: | 7 Lower |
| SOYBEANS: | 4 Higher |
| SOYBEAN MEAL: | $5.70 Higher |
| LIVE CATTLE: | $1.10 Higher |
| DOW JONES: | 14 Points Higher |
| NASDAQ: | 85 Points Higher |
| CRUDE OIL: | $1.71 Higher |
MIDDAY MARKET UPDATE:
Block cheese price fell 6.75 cents, closing at $1.4525 with six loads traded. Barrel cheese price fell 4.50 cents, closing at $1.4050 with 13 loads traded. This moves cheese prices to the lowest level since July. Manufacturers want to move supply as soon as possible before the end of the year. Storing it will only cost them money with the potential for little return as prices may not change very much.
Dry whey price remained unchanged at 39.50 cents with no loads traded. Class III futures are 30 cents lower to 9 cents higher. Pressure is being put on nearby months. Butter price increased 5.75 cents, closing at $2.5475 with two loads traded. Grade A nonfat dry milk price increased a penny to $1.17 with no loads traded. Class IV futures are mixed. Butter futures are higher in response to the strength of spot price. Dry whey futures are mixed. USDA will release the November Milk Production report this afternoon.
