OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Lower |
| SOYBEANS: | 6 Lower |
| SOYBEAN MEAL: | $2.80 Higher |
| LIVE CATTLE: | $1.42 Higher |
| DOW JONES: | 20 Points Higher |
| NASDAQ: | 212 Points Higher |
| CRUDE OIL: | $1 Lower |
The block cheese price declined 6 cents, closing at $1.51 with two loads traded. Barrel cheese price declined 1.25 cents, closing at $1.5475 with one load traded. This eliminated the previous two days of gains for blocks.
The market is not ready to trend higher and may not be in the near term. As long as buyers feel comfortable with supplies, there will be a limit as to how far they will bid up for supply. The price of dry whey remained unchanged at 36.25 cents with eight loads traded. Class III futures are mixed, ranging from 59 cents lower to 10 cents higher. Steady to higher futures are confined to December through March contracts. June shows the largest decline. Butter price declined 3.75 cents, closing at $2.8925 with four loads traded. Grade A nonfat dry milk price gained 0.50 cent, closing at $1.15 with no loads traded. Class IV futures are 2-13 cents lower. Butter futures are 1.52-4 cents lower. Dry whey futures are 0.32-0.50 cent lower. USDA left milk production for this year unchanged from previous estimate at 226.4 billion pounds.
