OUTSIDE MARKETS SUMMARY:
| CORN: | 10 Lower |
| SOYBEANS: | 26 Lower |
| SOYBEAN MEAL: | $2.80 Lower |
| LIVE CATTLE: | $0.05 Higher |
| DOW JONES: | 84 Points Lower |
| NASDAQ: | 87 Points Lower |
| CRUDE OIL: | $2.96 Lower |
MIDDAY MARKET UPDATE:
Block cheese price fell 6.50 cents, closing at $1.91 with three loads traded. Barrel cheese price fell 9 cents, closing at $1.96 with two loads traded. There were two offers for barrels remaining at the close of spot trading. This is the first time barrel price has been below $2.00 since March 16. Dry whey price declined 2.25 cents, ending at 45.50 with six loads traded. Class III milk futures fell with contracts unchanged to as much as 45 cents lower. August and September are showing the greatest losses. Butter price gained a penny, closing at $2.9250 with four loads traded. Grade A nonfat dry milk price gained 2.75 cents, closing at $1.6875 with seven loads traded. Class IV futures are 22 cents lower to 9 cents higher. Butter futures are 2.20 cents lower to 0.87 cent higher. Dry whey futures are unchanged to 0.20 cent higher. USDA will release the June Milk Production report this afternoon. I estimate milk production to be down 1.0% from a year ago with cow numbers unchanged from the previous month.
