OUTSIDE MARKETS SUMMARY:
| CORN: | 9 Higher |
| SOYBEANS: | 32 Higher |
| SOYBEAN MEAL: | $11.30 Higher |
| LIVE CATTLE: | $0.32 Higher |
| DOW JONES: | 271 Points Lower |
| NASDAQ: | 172 Points Lower |
| CRUDE OIL: | $2.06 Higher |
MIDDAY MARKET UPDATE:
Block price initially showed some strength with a trade taking place 0.25 cent higher before selling pushed price 0.75 cent lower, ending at $1.9825. Barrel cheese price declined 3 cents to $1.92 with three loads traded. Butter price declined 6 cents, closing at $2.80 with seven loads traded. Grade A nonfat dry milk price declined a penny, closing at $1.89 with one load traded. Dry whey price slipped 0.25 cent closing at 81 cents with one load traded. Traders had been cautious over this happening after spot cheese and butter prices reached near previous highs. The higher prices seem to be a threshold of what buyers are willing to pay at the present time. The extent of the weakness is difficult to determine. Buyers usually hold back when there is weakness in the anticipation of yet further weakness. We could see a repeat of what we saw last time prices declined. Class III futures are 5-72 cents lower. Class IV futures are 30 to 48 cents lower with trading activity light and confined to June to September months. Butter futures are 1.87 to 7.00 cents lower. Dry whey futures are 1.25 to 1.60 cents lower.
