OUTSIDE MARKETS SUMMARY:
| CORN: | Unchanged |
| SOYBEANS: | 13 Lower |
| SOYBEAN MEAL: | $14.50 Lower |
| LIVE CATTLE: | $0.42 Lower |
| DOW JONES: | 508 Points Lower |
| NASDAQ: | 344 Points Lower |
| CRUDE OIL: | $1.04 Higher |
MIDDAY MARKET UPDATE:
Block cheese was under pressure with price declining 4 cents, closing at $1.88 with four loads traded. Barrel cheese price declined 0.50 cent, ending at $1.9550 with no loads traded. This has not had much impact on Class III futures with March and later contracts posting good gains. The February contracts is down 37 cents due to the decline of cheese having a direct impact on this contract. Traders remain optimistic that cheese prices will not decline very much. This optimism is providing ongoing support to the market. Butter price rebounded 5.50 cents, closing at $2.78 with four loads traded. Grade A nonfat dry milk gained 3.50 cents and seems to be gaining momentum. Price closing at $1.85 with three loads traded. Dry whey price increased a penny to 78.00 cents with one load traded. Class IIII futures are 37 cents lower to 22 cents higher. Class IV futures are 6 to 37 cents higher. Butter futures are 3.55 cents lower to 1.37 cents higher. Dry whey futures are steady to 0.50 cent higher. The Global Dairy Trade auction trade weighted average increased 4.6%.
