OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Lower |
| SOYBEANS: | 1 Lower |
| SOYBEAN MEAL: | $0.70 Higher |
| LIVE CATTLE: | $0.57 Lower |
| DOW JONES: | 172 Points Higher |
| NASDAQ: | 348 Points Higher |
| CRUDE OIL: | $3.01 Higher |
MIDDAY MARKET UPDATE:
The block cheese price declined by 3.50 cents, closing at $1.9150 with two loads traded. The barrel cheese price declined by 1.25 cents, closing at $1.9750 with two loads traded. There were uncovered offers for three loads of blocks and two loads of barrels remaining at the close. The weakness could move buyers to the sidelines briefly as they wait to see if sellers will be aggressive. The dry whey price remained unchanged at 62 cents with no loads traded. Class III futures are under pressure through the December contract with losses of 13 to 42 cents with September being hit the hardest. The butter price gained 2.50 cents, closing at $3.1275 with 15 loads traded. Grade A nonfat dry milk slipped 0.25 cent, closing at $1.2450 with six loads traded. Class IV futures have only traded in the March contract at 2 cents lower. Butter futures are 0.47 cent lower to 1 50 cents higher. Dry whey futures are 1.77 cents lower to 0.30 cent higher. USDA will announce the Federal order class prices this afternoon. They also will release the June Agricultural Prices report.
