OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Lower |
| SOYBEANS: | 2 Higher |
| SOYBEAN MEAL: | $2.50 Higher |
| LIVE CATTLE: | $0.17 Higher |
| DOW JONES: | 360 Points Higher |
| NASDAQ: | 48 Points Higher |
| CRUDE OIL: | $2.35 Lower |
MIDDAY MARKET UPDATE:
The block cheese price increased by 5 cents, closing at $1.6950 with no loads traded. A buyer continued to raise the bid, attempting to entice a seller. An uncovered offer was posted with the seller unwilling to lower the offer. That should have been friendly to Class III milk futures. However, traders focused on the inability of barrels to increase. The barrel price declined a penny, closing at $1.64 with three loads traded. There were uncovered offers for two loads remaining at the close. The dry whey price remained unchanged at 66 cents with no loads traded. Class III futures are 9 cents lower to 6 cents higher. The butter price decreased 2.75 cents, closing at $2.5125 with six loads traded. This establishes a new low for the year and the lowest price since Dec. 15, 2023. The market has been unable to find a bottom as manufacturers want to move supply rather than build inventory. Grade A nonfat dry milk increased 0.75 cent, closing at $1.3750 with seven loads traded. Class IV futures are 13 to 35 cents lower. Butter futures are 0.62 to 2.92 cents lower. Dry whey futures are 1.00 cents lower to 0.30 cent higher. The USDA will release the October Cold Storage report Monday afternoon. There will be no Dairy Revenue Protection prices released due to the report.
