OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Lower |
| SOYBEANS: | 2 Higher |
| SOYBEAN MEAL: | $4.70 Higher |
| LIVE CATTLE: | $0.22 Lower |
| DOW JONES: | 23 Points Higher |
| NASDAQ: | 278 Points Higher |
| CRUDE OIL: | $0.89 Higher |
MIDDAY MARKET UPDATE:
Class III futures prices were lower earlier Wednesday morning as traders realized futures prices were higher than they should have been relative to underlying cash. Futures were lower ahead of spot trading as some traders liquidated to take advantage of the premium. Cheese prices declined during spot trading, increasing the selling pressure. The block cheese price declined 3 cents, closing at $1.86 with five loads traded. The barrel cheese price declined 1.50 cents, closing at $1.9450 with no loads traded. The dry whey price remained unchanged at 44 cents with no loads traded. Class III futures traded limit down briefly in July, August, and September contracts. Current futures are 6 to 69 cents lower. Butter price declined 6.75 cents closing at $3.0950 with no loads traded. The Grade A nonfat dry milk price gained a penny to close at $1.20 with 13 loads traded. There have been 30 loads traded over the past two days. The price is at the highest level it has been since Feb. 23. Class IV futures are 33 to 57 cents lower. Butter futures are 1.50 to 7.00 cents lower. Dry whey futures are 1.27 cents lower to 0.20 cents higher. USDA will release the May Federal Order class prices and the April Dairy Products report Wednesday afternoon.
