OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Higher |
| SOYBEANS: | 2 Lower |
| SOYBEAN MEAL: | $3.10 Lower |
| LIVE CATTLE: | $1.60 Higher |
| DOW JONES: | 75 Points Lower |
| NASDAQ: | 5 Points Higher |
| CRUDE OIL: | $1.35 Higher |
MIDDAY MARKET UPDATE:
The block cheese price declined 2.25 cents to close at $2.2775 with no loads traded. The barrel cheese price jumped 7.50 cents closing at $2.5650 with eight loads traded. There were three uncovered offers for blocks and two unfilled bids for barrels remaining at the close. This would suggest a further divergence of prices during spot trading tomorrow. This is a new record high. The block/barrels spread is now at an inverted 28.75 cents. The dry whey price increased by 0.50 cents closing at 59.50 with two loads traded. Class III futures are 6 to 37 cents higher. The butter price regained 1.50 cents closing at $3.0850 with five loads traded. There were two unfilled bids and four uncovered offers remaining at the close. Grade A nonfat dry milk gained 0.25 cents closing at $1.3925 with two loads traded. Class IV futures are 6 to 15 cents higher. Butter futures are 0.95 cents lower to 0.67 cents higher. Dry whey futures are steady to 0.75 cents lower.
