OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Lower |
| SOYBEANS: | 5 Lower |
| SOYBEAN MEAL: | $2.90 Lower |
| LIVE CATTLE: | $1.00 Higher |
| DOW JONES: | 257 Points Higher |
| NASDAQ: | 34 Points Higher |
| CRUDE OIL: | $1.43 Higher |
MIDDAY MARKET UPDATE:
Block cheese price declined 2.25 cents, closing at $1.4925 with three loads traded. There was an unfilled bid remaining at the close as sellers moved what they wanted to sell. Barrel cheese price declined 2 cents, closing at $1.5550 with one load traded and an offer remaining at the closing price. The increase of dry whey to 53 cents did little to reduce the selling pressure on Class III futures through the first half of the year. Later futures contracts show gains as traders believe continued low milk prices now will result in a tighter milk supply later. Class III futures are 20 cents lower to 13 cents higher. Butter price increased a penny, closing at $2.7275 with 15 loads traded. The price initially increased to $2.7325 before slipping back into the close. There were three unfilled bids and one uncovered offer remaining at the close. Grade A nonfat dry milk price declined 0.50 cent, closing at $1.1750 with one load traded. Class IV futures are steady to 5 cents lower. Butter futures are 34.32 cents lower to 1.10 cents higher. Dry whey futures are 0.17 to 1.00 cents lower.
