OUTSIDE MARKETS SUMMARY:
| CORN: | 9 Lower |
| SOYBEANS: | 13 Lower |
| SOYBEAN MEAL: | $8.90 |
| LIVE CATTLE: | $0.60 Higher |
| DOW JONES: | 310 Points Lower |
| NASDAQ: | 183 Points Higher |
| CRUDE OIL: | $0.62 Lower |
MIDDAY MARKET UPDATE:
The block cheese price declined 1.75 cents closing at $1.8725 with no loads traded. There were two loads offered with no buyers showing up to do any business. The barrel cheese price declined by 0.50 cent closing at $1.91 with one load traded and two uncovered offers remaining at the close. The dry whey price gained 1.50 cents closing at 48.50 cents with one load traded. The weakness of cheese sent Class III futures lower as traders were quick to sell the market. Futures range from 4 to 72 cents lower with August taking the brunt of the selling. Trading activity is large with the July and August contracts nearing 1,000 contracts traded in each. The butter price declined 3.25 cents closing at $3.0325 with six loads traded. This is the lowest price since May 30 moving it below the sideways range in which it had been trading. Nonfat dry milk declined 0.50 cent closing at $1.1875 with seven loads traded. Class IV futures have not yet been traded. Butter futures are 1.47 to 3.25 cents lower. Dry whey futures are 0.15 cent lower to 0.27 cent higher. USDA will release the May Cold Storage report this afternoon.
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