OUTSIDE MARKETS SUMMARY:
| CORN: | 11 Lower |
| SOYBEANS: | 12 Lower |
| SOYBEAN MEAL: | $5.40 Higher |
| LIVE CATTLE: | $0.30 Lower |
| DOW JONES: | 244 Points Lower |
| NASDAQ: | 6 Points Lower |
| CRUDE OIL: | $1.78 Higher |
MIDDAY MARKET UPDATE:
Block cheese price increased 4 cents, closing at $1.8875 with two loads traded. Barrel cheese price increased 0.50 cent, closing at $1.8850 with no loads traded. This may be the pattern for a period as buyers may purchase on price dips with sellers selling at price increases. This may keep the market choppy for the near term with price fluctuating daily. Dry whey price slipped 0.50 cent, closing at 44 cents. Class III futures are generally lower and did not move into positive territory, even though cheese prices moved higher. Traders may now become more skeptical about buying on any strength of cash or selling on any weakness. Butter price increased 4.50 cents, closing at $3.0325 with one load traded. This breaks above the sideways trading range, moving to the highest level since Sept. 28, 2015. Grade A nonfat dry milk price declined 2.50 cents, closing at $1.6150 with one load traded. Class III futures are steady to 18 cents lower. Class IV futures are 2 cents lower. Butter futures are 0.50 to 5.00 cents higher. Dry whey futures are 1.75 cents lower to 0.47 cent higher.
