OUTSIDE MARKETS SUMMARY:
| CORN: | 11 Higher |
| SOYBEANS: | 53 Higher |
| SOYBEAN MEAL: | $16.50 Higher |
| LIVE CATTLE: | $0.47 Higher |
| DOW JONES: | 701 Points Lower |
| NASDAQ: | 375 Points Lower |
| CRUDE OIL: | $0.08 Higher |
MIDDAY MARKET UPDATE:
Block cheese price declined 2 cents, closing at $1.74 and breaking below the previous low. There were two loads traded. Barrel cheese price increased 2 cents, closing at $1.8825 with three loads traded. The gain of barrels more than offset the decline of blocks. Dry whey price increased 0.50 cents, closing at 47 cents with no loads traded. Class III futures came under some pressure during spot trading as blocks weakened. However, that turned as traders saw the strength of barrels and the strength of butter. Class III futures are 2 to 41 cents higher. Butter price increased 4.75 cents, closing at $3.0825 with five loads traded. Grade A nonfat dry milk price gained 1.50 cents, ending at $1.56 with two loads traded. Class IV futures are 3 to 38 cents higher. Butter futures are 0.47 to 1.90 cents higher. Dry whey futures are 1.75 to 2.00 cents higher.
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