OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Lower |
| SOYBEANS: | 2 Lower |
| SOYBEAN MEAL: | $0.70 Higher |
| LIVE CATTLE: | $3.85 Higher |
| DOW JONES: | 55 Points Higher |
| NASDAQ: | 59 Points Lower |
| CRUDE OIL: | $0.88 Lower |
MIDDAY MARKET UPDATE:
The block cheese price increased 2.25 cents, closing at $1.8025 with five loads traded. The price increased to $1.81 but could not hold that level as sellers became more aggressive. The barrel cheese price increased 4.00 cents, closing at $1.79 with no loads traded. Barrels only had one buyer showing up during spot trading, bidding the market higher, but the higher price was unable to generate any selling interest. The dry whey price increased a penny, closing at 56.00 cents with one load traded. Class III futures are one cent lower to 23 cents higher. The butter price decreased 2.25 cents, closing at $2.44 with three loads traded. This eliminated the gain of Monday and then some, leaving the market in a bearish position. Grade A nonfat dry milk decreased 0.50 cent to close at $1.28 with three loads traded. Class IV futures have only shown trading activity in the November contract at 6.00 cents higher. Butter futures are 1.25 cents lower to 1.45 cents higher. Dry whey futures are 0.50 to 1.22 cents higher. Cheese futures are 1.70 cents lower to 2.00 cents higher. USDA will release the June Dairy Products report this afternoon.
