OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Higher |
| SOYBEANS: | 6 Higher |
| SOYBEAN MEAL: | $1.10 Higher |
| LIVE CATTLE: | $2.52 Lower |
| DOW JONES: | 189 Points Higher |
| NASDAQ: | 383 Points Lower |
| CRUDE OIL: | $0.14 Lower |
MIDDAY MARKET UPDATE:
The block cheese price increased 0.25 cent to close at $1.4325 with 5 loads traded. The barrel cheese price remained unchanged at $1.4750 with no loads traded. The dry whey price remained unchanged at 68.50 cents with no loads traded. Class III futures are 7 cents lower to 5 cents higher, with trading confined to the July through November contracts. The butter price declined 4.25 cents to close at $1.6375 with 11 loads traded. There was 1 unfilled bid and 49 uncovered offers remaining at the close, suggesting further weakness next week as sellers continue to move product aggressively. Grade A nonfat dry milk declined 3.00 cents to close at $1.5050 with 16 loads traded. There were 6 unfilled bids and 5 uncovered offers remaining. Class IV futures have only traded in the July and August contracts. Butter futures are steady to 2.67 cents lower. Dry whey futures are 1.75 cents lower to 0.05 cent higher. Nonfat dry milk futures are steady to 0.97 cent higher. Cheese futures are steady to 0.90 cent higher. The May Dairy Products report will be released this afternoon. Production of cheese and butter is expected to be higher than a year ago. There will not be prices released for Dairy Revenue Protection due to the report.
