OUTSIDE MARKETS SUMMARY:
| CORN: | 14 Higher |
| SOYBEANS: | 54 Higher |
| SOYBEAN MEAL: | $32.60 Higher |
| LIVE CATTLE: | $0.20 Lower |
| DOW JONES: | 55 Points Lower |
| NASDAQ: | 45 Points Higher |
| CRUDE OIL: | $2.37 Lower |
MIDDAY MARKET UPDATE:
Block cheese price declined 8.50 cents, closing at $1.7650 with no loads traded. There were two unfilled bids remaining at the end of the trading period. Barrel cheese price declined 4.25 cents, ending at $1.7475 with five loads traded. There appears to be no bottom in this market. Buyers see no reason to be aggressive and are purchasing hand to mouth. Dry whey price remained unchanged at 42 cents with no loads traded. Butter price slipped a penny closing at $3.05 with four loads traded. Grade A nonfat dry milk price declined 2 cents, ending at $1.5725 with one load traded. This is again putting significant pressure on milk futures. Class III contracts are 17 to 42 cents lower. Class IV futures are 41 cents lower in January and the only contract traded so far Wednesday. Butter futures are 0.07 cent lower to 2.25 cent higher. Dry whey futures are 0.25 to 1.25 cents lower. USDA will release the June Dairy Products report Thursday, showing the volume of dairy products produced during the month.
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