OUTSIDE MARKETS SUMMARY:
| CORN: | 8 Higher |
| SOYBEANS: | 11 Higher |
| SOYBEAN MEAL: | $5.30 Higher |
| LIVE CATTLE: | $2.90 Lower |
| DOW JONES: | 95 Points Higher |
| NASDAQ: | 50 Points Lower |
| CRUDE OIL: | $2.44 Higher |
MIDDAY MARKET UPDATE:
The block cheese price increased 1.00 cent to close at $1.67 with one load traded. The barrel cheese price remained unchanged at $1.56275 with no loads traded. The dry whey price increased 0.25 cent to close at 70.00 cents with one load traded. Class III futures are steady to 32 cents higher. The butter price decreased 3.560 cents to close at $1.5400 with no loads traded. The price is moving closer to the low end of the trading range. Grade A nonfat dry milk decreased 2.00 cents to close at $1.4100 with 7 loads traded. Class IV futures are 14-38 cents lower. Butter futures are steady to 4.00 cents lower. Dry whey futures are 0.05 -- 0.85 cent higher. Cheese futures are 0.40 cent lower to 3.10 cents higher. Nonfat dry milk futures are 1.00 -- 2.67 cents lower. The June Milk Production report will be released this afternoon. I estimate milk production to be 2.2 percent higher than a year ago, with cow numbers 4,000 head more than May.
