OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Lower |
| SOYBEANS: | 2 Higher |
| SOYBEAN MEAL: | $0.60 Higher |
| LIVE CATTLE: | $0.22 Higher |
| DOW JONES: | 680 Points Higher |
| NASDAQ: | 251 Points Higher |
| CRUDE OIL: | $1.23 Lower |
MIDDAY MARKET UPDATE:
The block cheese price declined a penny, closing at $1.55 with two loads traded. The barrel cheese price declined 2.25 cents, closing at $1.5825 with no loads traded. The dry whey price declined 2.00 cents, closing at 76.00 cents with two loads traded. The weakness in all three categories put further pressure on Class III milk futures, with all contracts making new lows. The butter price remained unchanged at $1.4775 with no loads traded. Grade A nonfat gained 0.75 cent to close at $1.1825 with 12 loads traded. Class IV futures have not yet been traded. Butter futures are 0.50 to 2.75 cents higher. Dry whey futures are steady to 3.75 cents lower. Cheese futures are steady to 1.40 lower. The October Milk Production report will be released today. I estimate milk production to be up 3.6% from the previous year, with cow numbers increasing 18,000 head from September. The Dairy Products report will also be released, but it is not certain which month it will report. The government shutdown resulted in two reports being missed.
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