OUTSIDE MARKETS SUMMARY:
| CORN: | 7 Higher |
| SOYBEANS: | 3 Higher |
| SOYBEAN MEAL: | $1.40 Higher |
| LIVE CATTLE: | $0.77 Lower |
| DOW JONES: | 67 Points Lower |
| NASDAQ: | 48 Points Higher |
| CRUDE OIL: | $0.48 Higher |
MIDDAY MARKET UPDATE:
The block cheese price remained steady at $1.98 with two loads traded. The price initially traded lower, but then came back as a buyer aggressively bid the price back up. There were no unfilled bids or uncovered offers remaining at the close. Barrel cheese price increased 6 cents closing at $1.9725 with one load traded. The load was traded at $1.95 with an unfilled bid pushing the price higher to the closing price. The recent strength has been surprising based on the present supply and demand fundamentals.
The dry whey price remained unchanged at 38.50 cents with five loads traded. Class III futures are 1-75 cents higher with June showing the greatest gain. This is the second time June has increased the limit in the past week. The butter price increased 3.75 cents closing at $3.0275 with one load traded. Grade A nonfat dry milk increased 1.50 cents closing at $1.1675 with three loads traded. This moves the nonfat dry milk price to the highest level since March 15. Class IV futures are 11-28 cents higher. Butter futures are 2.87-4.97 cents higher. Dry whey futures are 0.20-0.50 cent higher.
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