OUTSIDE MARKETS SUMMARY:
| CORN: | 8 Lower |
| SOYBEANS: | 24 Lower |
| SOYBEAN MEAL: | $25.50 Lower |
| LIVE CATTLE: | $1.95 Higher |
| DOW JONES: | 425 Points Lower |
| NASDAQ: | 215 Points Lower |
| CRUDE OIL: | $5.25 Lower |
MIDDAY MARKET UPDATE:
Block cheese price gained 3.50 cents closing at $1.75 with one load traded. Bids moved prices higher a load was traded at the closing price. Barrel cheese prices declined a penny to $1.85 with eight loads traded. the market was on a roller coaster with price initially increasing a penny before selling pressure took price down to $1.8475 and then back up to the close. The fact that blocks moved higher, and barrels came back from the low with a good volume of trading activity during the period, provided sufficient concern for traders to cover some of their sold positions. Dry whey price slipped 0.50 cents closing at 48 cents with one load traded. Butter price declined 3.25 cents closing at $3.05 with no loads traded. Grade A nonfat dry milk price declined 0.50 cent ending at $1.5650 with two loads traded. Class III futures are generally lower but did rebound from the lows set before and during spot trading. Futures range from 33 cents lower to 5 cents higher. December shows the only increase. Class IV futures have only traded in the January contract and that is 50 cents lower. Butter futures are unchanged to 5 cents lower. Dry whey futures are steady to 0.40 cent higher. Today is the final day to trade August dairy futures and options with the Federal Order prices being announced tomorrow.
