OUTSIDE MARKETS SUMMARY:
| CORN: | 15 Lower |
| SOYBEANS: | 19 Lower |
| SOYBEAN MEAL: | $0.30 Lower |
| LIVE CATTLE: | $0.47 Lower |
| DOW JONES: | 637 Points Higher |
| NASDAQ: | 319 Points Higher |
| CRUDE OIL: | $1.31 Higher |
MIDDAY MARKET UPDATE:
Both block and barrel cheese prices remained unchanged at $1.8750 and $2.01, respectively. There were no loads traded in each category. Whether this will be supportive to the market or negative is unclear. The past few times it was viewed as negative. So far, it has not had any further impact on the market Tuesday, but trading activity is light and not very representative of the market. Dry whey price slipped 0.25 cent, closing at $0.4625 with no loads traded. Butter price declined 2.50 cents, closing at $2.94 with 10 loads traded. Grade A nonfat dry milk price declined 4.50 cents, ending at $1.6450 with three loads traded. The decline of nonfat dry milk price substantial and a drop of that amount is not seen very often. Class III futures are 16 cents lower to 13 cents higher. Class IV futures are 34 cents lower in October which is the only contract that has been traded. Butter futures are 5.05 cents lower to 0.62 cents higher. Dry whey futures are a penny higher. Global Dairy Trade auction trade weighted average declined 5.0%.
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