OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Higher |
| SOYBEANS: | 4 Higher |
| SOYBEAN MEAL: | $1.70 Lower |
| LIVE CATTLE: | $0.12 Higher |
| DOW JONES: | 197 Points Lower |
| NASDAQ: | 290 Points Lower |
| CRUDE OIL: | $2.01 Higher |
MIDDAY MARKET UPDATE:
Block cheese price declined 3.50 cents, closing at $1.76 with two loads traded. Barrels cheese price declined 7 cents, closing at $1.7050 with one load traded. The continued weakness is somewhat surprising with buyers not very interested in buying the break. The December Cold Storage report likely moved buyers to the sidelines, as they can see there are plentiful supplies of cheese. Some reports of slowing demand along with increasing inventory does not bode well for the market in the near term. Butter price fell 14.75 cents closing at $2.70 with two loads traded. There were no unfilled bids at the close of spot trading. Grade A nonfat dry milk price declined a penny, settling at $1.8025 with two loads traded. Dry whey price was the only bright spot with price gaining 2 cents closing at 82 cents and another new record high. Class III futures are 2 to 59 cents lower. Class IV futures are 2 to 53 cents lower. Butter futures are 1.37 to 7.50 cents lower. Dry whey futures are 0.75 to 2.00 cents higher.
