OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Lower |
| SOYBEANS: | 7 Lower |
| SOYBEAN MEAL: | $1.20 Higher |
| LIVE CATTLE: | $2.80 Higher |
| DOW JONES: | 26 Points Lower |
| NASDAQ: | 48 Points Higher |
| CRUDE OIL: | $1.20 Lower |
MIDDAY MARKET UPDATE:
The block cheese price initially increased by 2 cents to $2.00 before selling pressure pushed the price 5 cents lower, closing at $1.93 with 14 loads traded. Barrel cheese price jumped 8.75 cents, closing at $2.06 with just one load traded. Barrel buyers were leapfrogging as they attempted to purchase supply before the price increased too far. This is never a good strategy as it results in an inflated price. Sellers saw the aggressive buyer interest and held back, waiting to see how much higher prices would move. This created quite a bit of volatility with the June Class III contract moving by $0.83 from high to low. The July contract moved $0.66 from high to low. Current futures prices are 41 cents lower to 2 cents higher. The dry whey price remained steady at 38.50 cents with two loads traded. The butter price declined 3.25 cents, closing at $2.9950 with 17 loads traded. There were two unfilled bids remaining below the market. Grade A nonfat dry milk price slipped 0.25 cent, closing at $1.1650 with 26 loads traded. It is very unusual to see that much activity in one trading event. Class IV futures have not yet been traded. Butter futures are 0.87 cent lower to 0.50 cent higher. Dry whey futures are 0.12 to 2.50 cent higher.
