OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Higher |
| SOYBEANS: | 9 Lower |
| SOYBEAN MEAL: | $4.30 Lower |
| LIVE CATTLE: | $0.47 Higher |
| DOW JONES: | 433 Points Higher |
| NASDAQ: | 233 Points Higher |
| CRUDE OIL: | $0.13 Lower |
MIDDAY MARKET UPDATE:
Cheese prices showed further weakness Friday. Blocks declined 6.50 cents, closing at $1.89 with four loads traded. The barrel cheese price declined 4 cents, closing at $1.85 with eight loads traded. This put pressure on Class III milk futures with contracts ranging from 5 to 27 cents lower. The dry whey price remained unchanged at 51 cents. The butter price remained unchanged at 310 with no loads traded. The nonfat dry milk price remained unchanged at $1.18 with three loads traded. Class IV futures have not yet been traded. Butter futures are unchanged to 2 cents higher. Dry whey futures are 0.22 to 0.52 cents lower. USDA reduced their estimate for 2024 milk production to 226.9 billion pounds and reduced milk production for 2025 to 229.1 billion pounds.
