OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Higher |
| SOYBEANS: | 8 Lower |
| SOYBEAN MEAL: | $0.60 Lower |
| LIVE CATTLE: | $0.62 Lower |
| DOW JONES: | 66 Points Higher |
| NASDAQ: | 33 Points Higher |
| CRUDE OIL: | $0.43 Lower |
MIDDAY MARKET UPDATE:
Both block and barrel cheese prices were unchanged at $1.4550 and $1.4150, respectively. It is interesting that only one unfilled bid for a load of barrels remained at the close. The large amount of buying interest dissipated with most of the buyers likely finding supply through regular channels rather than the daily spot market. This may be a bit concerning as strong buyer support may not be under the market, which could open the way for price declines if sellers actively want to move supply.
The dry whey price increased 0.75 cents, closing at 40.75 cents with two loads traded. Class III futures are mixed, ranging from 9 cents lower to 18 cents higher. Butter price declined 3.50 cents, closing at $2.65 with three loads traded. Grade A nonfat dry milk price remained unchanged at $1.18 with eight loads traded. Class IV futures are unchanged to 8 cents lower with the selling pressure in late-year contracts. Butter futures are 1.70 cents lower to 3 cents higher. Dry whey futures are unchanged to 0.50 cent higher. The November Federal Order class prices will be announced this afternoon.
