OUTSIDE MARKETS SUMMARY:
| CORN: | Unchanged |
| SOYBEANS: | 1 Higher |
| SOYBEAN MEAL: | $3.10 Higher |
| LIVE CATTLE: | $1.57 Lower |
| DOW JONES: | 133 Points Higher |
| NASDAQ: | 104 Points Higher |
| CRUDE OIL: | $0.33 Higher |
MIDDAY MARKET UPDATE:
The block cheese price declined 0.75 cent to close at $1.3325 with no loads traded. This is another new low for the year. There were three uncovered offers with no buyers showing up. The barrel cheese price declined 2.00 cents, closing at $1.40 with no loads traded and one uncovered offer. The dry whey price increased a penny to close at 71.50 cents with one load traded. Class III futures are 14 cents lower to 24 cents higher. The butter price gained 1.50 cents, closing at $1.40 with 23 loads traded. Grade A nonfat dry milk gained 0.50 cent to close at $1.1750 with six loads traded. Class IV futures have not yet been traded. Butter futures are 0.75-3.67 cents higher. Dry whey futures are 0.15-1.52 cents higher. Cheese futures are 0.60 cent lower to 0.80 cent higher. USDA will release the Cold Storage report this afternoon. This should bring inventory reports up to date as there has not been a report since the government shutdown. I generally do not make estimates on cold storage, but based on the movement of the underlying cash, it is likely that inventory has not decreased as much as usual due to strong butter and cheese production.
