OUTSIDE MARKETS SUMMARY:
| CORN: | 18 Lower |
| SOYBEANS: | 24 Lower |
| SOYBEAN MEAL: | $0.03 Lower |
| LIVE CATTLE: | $0.80 Lower |
| DOW JONES: | 622 Points Lower |
| NASDAQ: | 274 Points Lower |
| CRUDE OIL: | $4.25 Lower |
MIDDAY MARKET UPDATE:
Block cheese price remained unchanged at $1.8575 with no loads traded. Barrel cheese price increased 6.50 cents, closing at $1.60 with two loads traded. It was interesting to see a load of blocks initially offered down to $1.85 and then the offer was cancelled. Later in the trading session, a load was again offered at the steady price, which remained through the close. This action is likely what is keeping nearby Class III futures contacts lower. The increase of barrel cheese was relentless until a load was finally traded 6.50 cents higher with another one following suit. The buyer needed to purchase a load of cheese at whatever the cost and aggressively went after it. Butter price declined 2 cents, closing at $1.97 with one load traded. Grade A nonfat dry milk price increased 0.25 cent, closing at $1.5550 with nine loads traded. Buyers and sellers are comfortable doing business at this level. Dry whey price declined 1.25 cents, closing at 66.75 with no loads traded. Class III futures are 12 cents lower to 20 cents higher. Class IV futures have not yet traded. Butter futures are 0.05 to 1.00 cent lower. Dry whey futures are futures are 1.67 cents lower to 0.40 cent higher. USDA will release the October Agricultural Prices report Tuesday.
