OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Lower |
| SOYBEANS: | 18 Higher |
| SOYBEAN MEAL: | $4.60 Higher |
| LIVE CATTLE: | $1.92 Higher |
| DOW JONES: | 1,056 Points Higher |
| NASDAQ: | 740 Points Higher |
| CRUDE OIL: | $1.23 Higher |
MIDDAY MARKET UPDATE:
The block cheese price declined 3.75 cents, closing at $1.78 with four loads traded. The price initially declined 4 cents before coming back slightly. The barrel cheese price remained unchanged at $1.77, with three loads traded. The price traded a penny higher but slipped back by the close as spot trading. The dry whey price remained unchanged at 54.25 cents with no loads traded. Class III futures are 2-50 cents higher, with June showing the greatest strength. The butter price increased 2 cents, closing at $2.35 with one load traded. Grade A nonfat dry milk increased 0.25 cent, closing at $1.21 with 12 loads traded. Class IV futures have not yet been traded. Butter futures are steady to 2.50 cents higher. Dry whey futures are 1.75 to 2.50 cents higher. USDA estimated milk output this year to reach 227.3 billion pounds, up 400 million pounds from their April estimate, according to the World Agricultural Supply and Demand report.
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