OUTSIDE MARKETS SUMMARY:
| CORN: | 11 Lower |
| SOYBEANS: | 1 Lower |
| SOYBEAN MEAL: | $10.10 Lower |
| LIVE CATTLE: | $0.12 Higher |
| DOW JONES: | 131 Points Lower |
| NASDAQ: | 4 Points Higher |
| CRUDE OIL: | $0.82 Higher |
MIDDAY MARKET UPDATE:
Block cheese price increased 1.25 cents, closing at $1.5625 with five loads traded. Barrel cheese price decreased 0.50 cent, closing at $1.4450 with 11 loads traded. A substantial volume of bids for barrels remained at the close of spot trading with buyers wanting to buy but at lower prices. There were 21 unfilled bids for barrels and two uncovered offers for blocks. Dry whey price remained unchanged at 43 cents with one load traded. Butter price gained 0.25 cent, closing at $2.5675 with no loads traded. Grade A nonfat dry milk, price decreased 0.75 cent, closing at $1.1850 with two loads traded. Class IV futures are 7 to 28 cents lower. Butter futures are 0.22 to 3.00 cents lower. Dry whey futures are 0.70 cent lower to 0.25 cent higher. USDA reduced the estimate for milk production for 2023 by 300 million pounds and reduced production in 2024 by 700 million pounds from their previous estimate.
