OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Lower |
| SOYBEANS: | 23 Lower |
| SOYBEAN MEAL: | $7.50 Lower |
| LIVE CATTLE: | $0.47 Lower |
| DOW JONES: | 427 Points Lower |
| NASDAQ: | 211 Points Lower |
| CRUDE OIL: | $0.01 Lower |
MIDDAY MARKET UPDATE:
Both block and barrel cheese prices remained unchanged at $1.90 and $1.8575, respectively. No buyers are sellers showed up to do any business. Dry whey price declined 3.75 cents, closing at 79 cents, eliminating the gains of almost the past month. The weakness of dry whey had little impact on Class III futures with contracts ranging from 10 cents lower to 14 cents higher. The decline of dry whey price over the past two days took the calculation of Class III price down 46.50 cents as each penny move of whey equates to a 6-cent move of Class III price. However, traders seemed to be more focused on the fact that cheese prices held with some residual bullish reaction to the World Agricultural Supply and Demand report. Butter price increased 4.50 cents, closing at $2.5775 with no loads traded. There were eight unfilled bids and two uncovered offers remaining at the close of trading. Grade A nonfat dry milk price increased 1.50 cents, closing at $1.88 with two loads traded. Class IV futures are steady to 46 cents higher. Butter futures are 1.25 to 6.90 cents higher. Dry whey futures are 2.62 cents lower to 0.22 cents higher.
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