OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Higher |
| SOYBEANS: | 6 Lower |
| SOYBEAN MEAL: | $1.20 Lower |
| LIVE CATTLE: | $0.10 Lower |
| DOW JONES: | 467 Points Lower |
| NASDAQ: | 35 Points Higher |
| CRUDE OIL: | $0.87 Lower |
MIDDAY MARKET UPDATE:
The block cheese price gained 2.50 cents, closing at $1.8650 with five loads traded. The barrel cheese price declined by 3.25 cents, closing at $1.9975 with four loads traded. The weakness of barrels more than offset the gain in blocks resulting in the decline of the cash price calculation. The cash trading activity moved the block/barrel spread closer together. The dry whey price remained unchanged at 39.50 cents with no loads traded. Class III futures have been on a roller coaster with overnight weakness finding strength up to spot trading and then being unable to hold the high prices. Class III futures are 7 cents lower to 17 cents higher. Butter price increased a penny closing at $3.1225 with no loads traded. Only one buyer showed up for spot trading and was unable to purchase a load. The Grade A nonfat dry milk price increased by 1.50 cents closing at $1.1875 with four loads traded. Class IV futures are steady to 22 cents higher. Butter futures are 1.25 cents lower to 2.95 cents higher. Dry whey futures are 0.50 to 0.60 cents lower. USDA will release the April Livestock Slaughter report Thursday showing the level of dairy cattle slaughter for the month.
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