OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Lower |
| SOYBEANS: | 11 Higher |
| SOYBEAN MEAL: | $2.60 Lower |
| LIVE CATTLE: | $0.62 Higher |
| DOW JONES: | 408 Points Higher |
| NASDAQ: | 215 Points Higher |
| CRUDE OIL: | $2.74 Lower |
MIDDAY MARKET UPDATE:
The block cheese price initially declined 0.50 cent before buying interest moved the price into positive territory. The price increased 0.50 cent to close at $1.29 with 11 loads traded. The barrel cheese price slipped 0.25 cent, closing at $1.3575 with no loads traded. There were four unfilled bids for blocks and one uncovered offer for barrels at the close of spot trading. Class III futures are reluctant to move higher despite the movement in blocks. Contracts are 11 cents lower to 14 cents higher. The butter price increased 0.75 cent, closing at $1.3150 with 29 loads traded. There were 17 unfilled bids and 1 uncovered offer remaining at the close. The price initially declined 0.50 cent before buying interest moved the price back up. Grade A nonfat dry milk increased 0.50 cent to close at $1.2475 with six loads traded. Class IV futures are 4 to 15 cents lower, reflecting the bearishness prevalent in the market. Butter futures are 2.00 cents lower to 0.45 cent higher. Dry whey futures are 0.72 cent lower to 0.50 cent higher. Cheese futures are 0.50 cent lower to 0.70 cent higher.
