OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Higher |
| SOYBEANS: | 4 Lower |
| SOYBEAN MEAL: | $2.30 Higher |
| LIVE CATTLE: | $0.05 Higher |
| DOW JONES: | 59 Points Higher |
| NASDAQ: | 406 Points Lower |
| CRUDE OIL: | $0.44 Higher |
MIDDAY MARKET UPDATE:
Block cheese price declined 1.50 cents, closing at $1.9550 with four loads traded. The barrel cheese price declined 5 cents, closing at $1.89 with six loads traded. This surprised the trade as Class III futures were higher ahead of spot trading as the anticipation was for cheese prices to remain supported and possibly increase. The lower cheese prices turned Class III futures quickly lower. The dry whey price increased 2 cents, closing at 51 cents and the highest price since February 23. However, that did not help support milk futures as Class III contracts are 32 cents lower to 13 cents higher. The greatest loss is in the September contract with the only gain being in the January contract. The butter price slipped 0.50 cent, closing at $3.10 with seven loads traded. The Grade A nonfat dry milk price remained steady at $1.18 with one load traded. Class IV futures have not yet been traded. Butter futures are steady to 2 cents higher. Dry whey futures are steady to 0.50 cent lower.
