OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Lower |
| SOYBEANS: | 6 Higher |
| SOYBEAN MEAL: | $1.50 Higher |
| LIVE CATTLE: | $4.52 Higher |
| DOW JONES: | 470 Points Higher |
| NASDAQ: | 117 Points Lower |
| CRUDE OIL: | $5.06 Lower |
MIDDAY MARKET UPDATE:
The block cheese price declined 0.50 cent to close at $1.47 with one load traded. The barrel cheese price remained unchanged at $1.42 with no loads traded. The dry whey price remained unchanged at 68.75 with no loads traded. Class III futures are mixed, ranging from 11 cents lower to 6 cents higher. The butter price declined 2.50 cents to close at $1.60 with no loads traded. No buyers showed up during spot trading, while 24 loads were offered for sale. This does not bode well for the market. Grade A nonfat dry milk fell 7.50 cents to close at $1.67 with 8 loads traded. The buyers continue to lower bids to purchase supplies at lower prices due to sellers remaining aggressive.
The record price seen in April and early May accomplished the task of reducing demand. Class IV futures are steady to 52 cents lower. Butter futures are steady to 4.00 cents lower. Dry whey futures are steady to 0.02 cent lower. Nonfat dry milk futures are 1.62 -- 6.50 cents lower. Cheese futures are 1.00 cent lower to 0.40 cent higher.
