OUTSIDE MARKETS SUMMARY:
| CORN: | Unchanged |
| SOYBEANS: | 3 Higher |
| SOYBEAN MEAL: | $3.80 Higher |
| LIVE CATTLE: | $0.17 Lower |
| DOW JONES: | 189 Points Lower |
| NASDAQ: | 25 Points Lower |
| CRUDE OIL: | $0.83 Lower |
MIDDAY MARKET UPDATE:
The block cheese price declined 3.50 cents to close at $1.5050 with one load traded. The barrel cheese price remained unchanged at $1.48 with no loads traded. The dry why price declined 0.75 cent to close at 68.00 cents with one load traded. The block cheese price has declined to the lowest level since February 20th. Class III futures are 23 cents lower to 5 cents higher. The butter price increased a penny to close at $1.5350 with 23 loads traded. Grade A nonfat dry milk declined 2.00 cents to close at $2.0725 with 18 loads traded. There were 28 unfilled bids and 6 uncovered offers remaining at the close of spot trading. Class IV futures are 32 cents lower in the June contract and 38 cents lower in the July contract. These are the only 2 centracts that have traded. Butter futures are 1.00 cents lower to 1.00 cents higher on light trading activity. Dry whey futures are 2.25 cets lower to 0.70 cents higher. Cheese futures are 1.60 cents lower to 0.40 cent higher. The April Milk Production report will be released today. I estimate production to be 2.0 percent higher than a year ago. I estimate cow numbers to be 5,000 head higher than March.
