OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Lower |
| SOYBEANS: | 13 Lower |
| SOYBEAN MEAL: | $2.50 Lower |
| LIVE CATTLE: | $1.50 Higher |
| DOW JONES: | 7 Points Higher |
| NASDAQ: | 2 Points Lower |
| CRUDE OIL: | $0.65 Lower |
MIDDAY MARKET UPDATE:
Block cheese price fell 6.50 cents, closing at $1.8550 with 12 loads traded. The barrel cheese price fell 5 cents, closing at $2.06 with three loads traded. Buyers stepped back but not completely away from the market. They did not see the need to be aggressive with purchases due to the bearish implications of the April Milk Production report. There were six unfilled bids for blocks at lower prices with an uncovered offer for a load of barrels. The dry whey price was down 1.50 cents, closing at 40 cents with three loads traded. This weakness sent Class III futures lower, adding to the weakness before spot trading. All contracts are 1 to 75 cents lower. The June and July contracts are down the limit with August not far behind with a loss of 56 cents. Nearby futures have eliminated the gains realized over the past week. Butter price increased 2 cents, closing at $3.1125 with one load traded. Grade A nonfat dry milk price increased 1.50 cents with one load traded. Class IV futures are 11 cents lower to 13 cents higher. Butter futures are 1.07 to 5.97 cents higher. Dry whey futures are 0.52 to 0.62 cent lower.
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