OUTSIDE MARKETS SUMMARY:
| CORN: | 10 Lower |
| SOYBEANS: | 14 Lower |
| SOYBEAN MEAL: | $6.10 Lower |
| LIVE CATTLE: | $1.32 Higher |
| DOW JONES: | 496 Points Lower |
| NASDAQ: | 189 Points Lower |
| CRUDE OIL: | $1.24 Higher |
MIDDAY MARKET UPDATE:
Block cheese price increased by 0.75 cent, closing at $1.4450 with nine loads traded. The price initially increased to $1.45 before selling pressure took the price off the high. Barrel cheese price increased by 1.75 cents, closing at $1.4525 with six loads traded. The price initially increased to $1.4575 before slipping from the high. Dry whey price declined 1.50 cents, closing at 39 cents with one load traded. The strength of cheese was offset by the weakness of dry whey, keeping traders bearish on the market. Class III futures are 1 to 22 cents lower. Butter price jumped 7 cents, closing at $2.92 with 10 loads traded. This pushed the price above the previous high moving it to the highest level it has been since Nov. 7, 2023. The price initially increased to $2.9350 before slipping back from selling pressure. Grade A nonfat dry milk increased a penny to $1.13 with three loads traded. Class IV futures are 10 to 22 cents higher. Butter futures are 1.50 to 4.47 cent higher. Dry whey futures are 1.00 to 2.45 cents lower. The pressure on Class III futures does not seem to be the result of the avian flu found in a human Monday, otherwise Class IV futures would be lower as well. The movement Tuesday is the result of trader sentiment and fundamentals.
