OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Lower |
| SOYBEANS: | Unchanged |
| SOYBEAN MEAL: | $2.20 Lower |
| LIVE CATTLE: | $2.15 Lower |
| DOW JONES: | 350 Points Higher |
| NASDAQ: | 124 Points Lower |
| CRUDE OIL: | $0.56 Higher |
MIDDAY MARKET UPDATE:
Cheese prices continued to increase, but not as much as they did on Monday. The block cheese price increased 0.25 cent, closing at $1.7225 with seven loads traded. The barrel cheese price increased by 3.00 cents, closing at $1.7250 with one load traded. There was an unfilled bid for a load of blocks and one for a load of barrels remaining at the close. The dry whey price remained unchanged at 59.50 cents with no loads traded. Futures traders did not like the inability of spot prices to show further strength and pressured the market. Class III futures are 33 cents lower to 14 cents higher. The greatest loss is in the August contract, with the greatest gain in the March contract. The butter price increased 0.25 cents, closing at $2.6025 with three loads traded. Grade A nonfat dry milk increased 0.25 cent, closing at $1.2550 with no loads traded. Class IV futures have not yet been traded. Butter futures are 0.50 to 2.50 higher. Dry whey futures are 0.10 to 0.22 cent lower. Today is the last day to trade June futures and options with the Federal Order Class prices to be announced on Wednesday. The May income over feed prices was $10.40. This was 2 cents below the April price.
