OUTSIDE MARKETS SUMMARY:
| CORN: | 7 Higher |
| SOYBEANS: | 14 Higher |
| SOYBEAN MEAL: | $0.30 Higher |
| LIVE CATTLE: | $2.12 Lower |
| DOW JONES: | 292 Points Lower |
| NASDAQ: | 16 Points Higher |
| CRUDE OIL: | $3.28 Higher |
MIDDAY MARKET UPDATE:
Class III futures are holding well despite further weakness in both the block and barrel cheese prices. The block cheese price decreased by 4.00 cents, closing at $1.51 with three loads traded. The price initially decreased by 4.25 cents before buying interest moved it off the low. The barrel cheese price decreased by 5.75, closing at $1.5125 with no loads traded. The dry whey price remained unchanged at 64.00 cents with one load traded. Class III futures are 15 cents lower to 1 cent higher. The butter price decreased 4.25 cents, closing at $1.8525 with 40 loads traded. The price initially dropped to $1.82 before buying interest brought the price off its low. There were 26 unfilled bids and two uncovered offers remaining at the close. As we have seen over the past few days, the volume of unfilled bids does not mean the market will find support. There have been 68 loads traded so far this week. Grada A nonfat dry milk increased 1.50 cents to close at $1.7225 with no loads traded. This is a new high and the highest price since July 12, 2022. Class IV futures are 15 cents lower to 22 cents higher. Butter futures are 4.25 cents lower to 2.32 cents higher. Dry whey futures are 0.27 cent lower to 0.25 cent higher. Cheese futures are 0.90 cent lower to 0.10 cent higher.
