OUTSIDE MARKETS SUMMARY:
| CORN: | 10 Higher |
| SOYBEANS: | 21 Higher |
| SOYBEAN MEAL: | $6.60 Higher |
| LIVE CATTLE: | $0.37 Higher |
| DOW JONES: | 104 Points Lower |
| NASDAQ: | 98 Points Higher |
| CRUDE OIL: | $0.73 Lower |
MIDDAY MARKET UPDATE:
The block cheese price declined 2.25 cents, closing at $1.92 with five loads traded. The barrel cheese price declined by 1.50 cents, closing at $2.17 with one load traded. Traders anticipated cheese prices increasing with strong futures prices ahead of spot trading. That quickly reversed as weakness became evident. The June contract had a price swing from the high to the low of 92 cents. The dry whey price remained unchanged at 41.50 cents with no loads traded. Class III milk futures range from 34 cents lower to 28 cents higher. June is the lower price with March showing the highest price. The butter price gained 2.25 cents, closing at $3.0925 with four loads traded. The Grade A nonfat dry milk price declined 0.50 cent, closing at $1.16 with no load traded. Class IV futures are 23 cents lower to 9 cents higher. Butter futures are steady to 3.00 cents higher. Dry whey futures are unchanged to 0.75 cent lower. USDA will release the April Milk Production report Monday afternoon. I estimate milk production to be 1% below a year ago with cow numbers down 4,000 head from March.
