OUTSIDE MARKETS SUMMARY:
| CORN: | 3 1/4 Lower |
| SOYBEANS: | 3 Higher |
| SOYBEAN MEAL: | $3.60 Higher |
| LIVE CATTLE: | $3.55 Higher |
| DOW JONES: | 226 Points Higher |
| NASDAQ: | 3 Points Lower |
| CRUDE OIL: | $4.41 Lower |
MIDDAY MARKET UPDATE:
Class III milk futures are mixed in a narrow to moderate trading range Wednesday morning with soon-to-expire spot month May contracts gaining 1 cent per cwt at $16.91 per cwt. June contracts continue to be the most actively traded market in the complex, but wide morning swings in outside markets seem to have moved trader interest from fundamental market moves, focusing on potential technical pressure following the Memorial Day holiday. June futures are trading at $16.49 per cwt, currently 11 cents per cwt lower. The rest of the complex remains mixed in a very narrow range from 5 cents lower to 4 cents per cwt higher, with prices through late summer and early fall starting to gain momentum based on potential strong dairy demand and milk supply tightness due to seasonal trends. Cash cheese prices remain mixed in moderate trade activity with block prices increasing 0.5 cent per pound, moving to $1.4975 per pound with eight loads of block cheese selling on the exchange. Barrel cheese trade remained sluggush with just two loads traded, as prices fell 3 cents per pound, to $1.44 per pound. Butter prices were the bright spot of the entire dairy complex, moving 6 cents per pound higher, to $1.62 per pound. Continued active trade in the butter exchange posted 14 loads of butter selling Wednesday, pushing the holiday-shortened week total to 50 loads already this week. Traders will closely monitor all cash market movement through the rest of the week, in order to get a better handle on post-holiday buyer demand.
