OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Lower |
| SOYBEANS: | 4 Higher |
| SOYBEAN MEAL: | $3.60 Higher |
| LIVE CATTLE: | $0.67 Higher |
| DOW JONES: | 10 Points Lower |
| NASDAQ: | 46 Points Lower |
| CRUDE OIL: | $0.70 Lower |
MIDDAY MARKET UPDATE:
Block cheese price declined by 0.75 cent, closing at $1.8450 with 11 loads traded. The barrel cheese price declined a penny, closing at $1.92 with seven loads traded. The barrel price bounced from the low but blocks remained on the low of spot trading. There were unfilled bids and offers remaining at the close. The dry whey price declined a penny, closing at 47 cents with one load traded. Class III futures post single-digit gains as traders may be positioning themselves ahead of the May Milk Production report to be released Friday afternoon. I estimate milk production to be down 0.3% from a year ago with cow numbers to be down 2,000 head from April. The butter price during spot trading increased a penny closing at $3.09 with seven loads traded. Grade A nonfat dry milk slipped 0.25 cent, closing at $1.2050 with two loads traded. Class IV futures have not yet been traded. Butter futures are 0.75 cent lower to 1.15 cents higher. Dry whey futures are steady to 1.35 cents lower.
