OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Lower |
| SOYBEANS: | 31 Lower |
| SOYBEAN MEAL: | $0.70 Higher |
| LIVE CATTLE: | $1.65 Lower |
| DOW JONES: | 142 Points Higher |
| NASDAQ: | 77 Points Higher |
| CRUDE OIL: | $3.55 Lower |
MIDDAY MARKET UPDATE:
Both block and barrel prices remained unchanged with no loads traded in either category. Blocks remained steady at $2.10 with barrels steady at $2.17. There was an unfilled bid for a load of barrels at the steady price and an uncovered offer for a load of blocks two cents above the market. Dry whey price declined a penny closing at 49.75 with 4 loads traded. Butter price increased 3.50 cents ending at $2.9650 with 9 loads traded. Grade A nonfat dry milk price remained unchanged at $1.81 with no loads traded. The weakness of dry whey had no impact on Class III futures as traders seem to be focused on the stability of cheese. The idea is that maybe prices have finally found support. Class III futures are 3 cents lower to 43 cents higher with September showing the greatest gain. Class IV futures are 2-17 cents higher but really should be seeing more gains than Class III based on the movement of underlying cash. Butter futures are 1.50 cents lower to 2.05 cents higher. Dry whey futures are 1.00 cents lower to 0.47 cents higher.
