OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Higher |
| SOYBEANS: | 10 Higher |
| SOYBEAN MEAL: | $5.00 Higher |
| LIVE CATTLE: | $0.97 Lower |
| DOW JONES: | 281 Points Higher |
| NASDAQ: | 104 Points Higher |
| CRUDE OIL: | $0.36 Lower |
MIDDAY MARKET UPDATE:
The block cheese price declined by 0.50 cent closing at $1.8550 with no loads traded. The barrel price declined 2.50 cents closing at $1.76 with no loads traded. No buyers showed up during spot trading with an uncovered offer in each category. This increased the bearishness of the market. The dry whey price declined a penny, closing at 74 cents with one load traded. Class III futures are steady to 62 cents lower with January showing the greatest loss. The butter price remained unchanged at $2.51 with no loads traded. Grade A nonfat dry milk increased by 0.25 cent closing at $1.3750 with no loads traded. Class IV futures have not yet been traded. Butter futures are 0.20 -- 1.20 cents higher. Dry whey futures are steady to 2.20 cents lower. The USDA will release the November Milk Production report Thursday afternoon. I estimate milk production to be 0.4% above a year ago with cow numbers 3,000 more than October.
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