OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Lower |
| SOYBEANS: | 15 Lower |
| SOYBEAN MEAL: | $4.10 Lower |
| LIVE CATTLE: | $4.30 Higher |
| DOW JONES: | 98 Points Higher |
| NASDAQ: | 141 Points Higher |
| CRUDE OIL: | $0.21 Higher |
MIDDAY MARKET UPDATE:
The block cheese price fell 4.00 cents, closing at 41.61 with three loads traded. The barrel cheese price slipped 0.75 cent, closing at $1.6325 with no loads traded. Buyers are willing to pick up supply, but only at lower prices. The dry whey price remained unchanged at 64.00 cents with no loads traded. Class III futures are 1 to 37 cents lower. The butter price fell 5.00 cents, closing at $1.70 with six loads traded. This is another new low for the year and the lowest price since Oct. 7, 2021. Grade A nonfat dry milk slipped 0.25 cent to close at $1.1450 with four loads traded. Class IV futures are 32 to 35 cents lower. Butter futures are 0.10 to 7.50 cents lower. Dry whey futures are unchanged to 0.17 cent higher. Cheese futures are 0.40 to 3.20 cents lower. USDA will release the August Milk Production report this afternoon. I estimate milk production to be up 3.1% from a year ago and cow numbers to be 4,000 head higher than in July.
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