OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Higher |
| SOYBEANS: | 4 Higher |
| SOYBEAN MEAL: | $0.90 Higher |
| LIVE CATTLE: | $0.60 Higher |
| DOW JONES: | 228 Points Higher |
| NASDAQ: | 119 Points Higher |
| CRUDE OIL: | $1.38 Higher |
MIDDAY MARKET UPDATE:
The block cheese price declined 2.00 cents, closing at $1.34 and a new low for the year. There were two loads traded. The barrel cheese price remained unchanged at $1.42 with no trades. The higher barrel price over blocks has no impact on the weakness of blocks. The dry whey price remained unchanged at 70.50 with no loads traded. Class III futures are 30 cents lower to 19 cents higher. The January contract is being hit the hardest. The butter price declined 3.00 cents, closing at $1.3850 with eight loads traded. This is a new low for the year. Grade A nonfat dry milk gained 1.25 cents to close at $1.17 with five loads traded. Class IV futures are 3.00 cents lower to 10.00 cents higher. Butter futures are 0.70-3.60 cents lower. Dry whey futures are 0.20-1.72 cents higher. Cheese futures are 0.20-2.80 cents lower. USDA will release the November Milk Production report this afternoon. I estimate milk production to be up 3.5% from a year ago and cow numbers down 5,000 head from October.
