OUTSIDE MARKETS SUMMARY:
| CORN: | 13 Lower |
| SOYBEANS: | 40 Lower |
| SOYBEAN MEAL: | $7.20 Lower |
| LIVE CATTLE: | $0.60 Lower |
| DOW JONES: | 360 Points Higher |
| NASDAQ: | 232 Points Higher |
| CRUDE OIL: | $0.66 Higher |
MIDDAY MARKET UPDATE:
The block cheese price fell 7.00 cents to close at $1.5700 with 7 loads traded. This moved the price down to the low of the larger trading range that has developed since March. The recent tight trading range was violated, potentially opening the way for further weakness. The barrel cheese price declined 3.00 cents, closing at $1.5700, which is the lowest it has been since March 30. No loads were traded. The dry whey price remained unchanged at 67.50 cents with no loads traded. Class III futures are holding well, with contracts 14 cents lower to 17 cents higher. The butter price increased 2.75 cents, closing at $1.6450 with 36 loads traded. The large number of offers that remained at the close on Wednesday were absorbed. There were 15 unfilled bids with 1 uncovered offer remaining at the close of spot trading. Grade A nonfat dry milk declined 1.25 cents to close at $2.2750 with 8 loads traded. Class IV futures are 2 cents lower to 23 cents higher with traders focusing on the strength of butter. Butter futures are steady to 2.72 cents higher. Dry whey futures are steady to 1.30 cents higher. Cheese futures are steady to 1.60 cents lower.
