OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Lower |
| SOYBEANS: | 17 Lower |
| SOYBEAN MEAL: | $8.30 Lower |
| LIVE CATTLE: | $0.77 Higher |
| DOW JONES: | 37 Points Higher |
| NASDAQ: | 18 Points Lower |
| CRUDE OIL: | $2.04 Higher |
MIDDAY MARKET UPDATE:
Block cheese price slipped by 0.75 cent, closing at $1.8625 with no loads traded. Barrel cheese price remained unchanged at $1.98 with no loads traded. Only sellers showed up during spot trading with offers for two loads of barrels and one load of blocks. Dry whey price slipped 0.25 cent, closing at 39.75 cents with four loads traded. Class III futures show losses of 3 to 48 cents with July showing the greatest decline. The big move was in butter with a decline of 12 cents with the price closing at $3.0025 with three loads traded. Trading activity did not place until the price was nearly at the low. There were four uncovered offers remaining at the close of spot trading. Grade A nonfat dry milk price declined 0.50 cent, closing at $1.17 with no loads traded. Class IV futures are under pressure with contracts 55 to 74 cents lower. These are the largest price declines in Class IV futures we have seen in quite a while.
