Wednesday Midday Dairy Market Update - Butter Reaches $3

OUTSIDE MARKETS SUMMARY:

CORN:	5 Higher
SOYBEANS:	16 Higher
SOYBEAN MEAL:	$0.70 Lower
LIVE CATTLE:	$3.15 Higher
DOW JONES:	241 Points Lower
NASDAQ:	74 Points Lower
CRUDE OIL:	$3.45 Higher

MIDDAY MARKET UPDATE:

Block cheese price declined $0.50 cent, closing at $2.2750 with one load traded. Barrel cheese price increased a penny to $2.2550 with no loads traded. The pricing calculation is weighted more heavily to barrels, resulting in a slightly higher Class III calculation. Dry whey price increased 0.75 cent, closing at 52.50 regaining some of the loss of Tuesday with no loads traded. This leaves Class III futures mixed with prices ranging from 12 cents lower to 10 cents higher. Butter price increased 3.75 cents, closing at $3.00 with 19 loads traded. Sellers remained active as price increased with five offers remaining at the close of trading. Grade A nonfat dry milk increased 0.50 cents, closing at $1.8850 with no loads traded. Class IV futures are 7 to 15 cents higher. Butter futures are 0.50 to 2.95 cents higher. Dry whey futures are unchanged to 0.22 cent higher.