OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Lower |
| SOYBEANS: | 10 Higher |
| SOYBEAN MEAL: | $3.40 Higher |
| LIVE CATTLE: | $1.17 Lower |
| DOW JONES: | 73 Points Higher |
| NASDAQ: | 115 Points Higher |
| CRUDE OIL: | $1.80 Higher |
MIDDAY MARKET UPDATE:
Block cheese declined a penny, closing at $1.90 with one load traded. The barrel cheese price declined by 2.75 cents, closing at $1.8525 with two loads traded. This put pressure on Class III futures but less pressure than expected with this weakness. Buyers see sufficient supply and do not see the need to step up to purchase aggressively. The dry whey price remained unchanged at 49 cents with no loads traded. Class III futures are 20 cents lower to 4 cents higher with the only gain in the July contract. The butter price gained 1.25 cents, closing at $3.1375 with no loads traded. This suggests further upside price potential this week. The Grade A nonfat dry milk price slipped 0.25 cent, closing at $1.18 with one load traded. Class IV futures are 12 to 28 cents higher. The soybean meal price was released for May, resulting in an income over feed price of $10.52. This is the highest income over feed price since November 2022. There is no payment under the Dairy Margin Coverage Program.
