OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Lower |
| SOYBEANS: | 8 Lower |
| SOYBEAN MEAL: | $0.40 Lower |
| LIVE CATTLE: | $1.55 Lower |
| DOW JONES: | 32 Points Lower |
| NASDAQ: | 129 Points Lower |
| CRUDE OIL: | $0.04 Higher |
MIDDAY MARKET UPDATE:
The block cheese price declined 2.50 cents, closing at $1.6650 with seven loads traded. There were six unfilled bids and one uncovered offer remaining at the close, possibly suggesting the price may be down near attractive levels where buyers might become more aggressive. The barrel cheese price declined 3.25 cents, closing at $1.6575 with four loads traded. There were five unfilled bids and 21 uncovered offers remaining. The dry whey price gained 2.25 cents, closing at 57.00 cents with two loads traded. Class III futures tried to hold early gains, but the weakness of cheese took away the strength. Class III futures are 16 cents lower to 1 cent higher. The butter price declined 2.75 cents, closing at $2.50 with 19 loads traded. Grade A nonfat dry milk declined 2 cents, closing at $1.26 with one load traded. Class IV futures have not yet been traded. Butter futures are 0.02 cent higher to 3.35 cents lower. Dry whey futures are 0.50 to 1.52 cents higher. USDA will release the May Milk Production report today. I estimate milk production up 1.4% from a year ago, with cow numbers up 3,000 head from April.
