OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Lower |
| SOYBEANS: | 7 Lower |
| SOYBEAN MEAL: | $2.50 Lower |
| LIVE CATTLE: | $0.32 Higher |
| DOW JONES: | 176 Points Lower |
| NASDAQ: | 135 Points Lower |
| CRUDE OIL: | $0.39 Higher |
MIDDAY MARKET UPDATE:
The block cheese price fell 7.75 cents, closing at $1.87 with three loads traded and an unfilled offer remaining at the close. The decline eliminated the gains since May 14. The barrel cheese price declined 1.75 cents, closing at $1.8525 with two loads traded. There was an unfilled bid and three uncovered offers remaining. The dry whey price remained unchanged at 54.25 cents with no loads traded. Class III futures posted double-digit gains until spot prices traded lower, quickly moving the gains to losses. Futures are 49 cents lower to 6 cents higher. June is taking the brunt of the selling. The butter price jumped 5.75 cents, closing at $2.42 with 15 loads traded. There were 17 unfilled bids and four uncovered offers remaining at the close. This moves the price out of the trading range it has been in since late February to the highest price since Feb. 20. Grade A nonfat dry milk gained 2.25 cents, closing at $1.2525 with seven loads traded. This moves the nonfat price to the highest level since Feb. 20. Class IV futures are 30 to 38 cents higher. Butter futures are 0.22 cent lower to 5.30 cents higher. Dry whey futures are 0.60 cent lower to 1.92 cents higher. USDA will release the April Cold Storage report this afternoon.
