OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Higher |
| SOYBEANS: | 21 Higher |
| SOYBEAN MEAL: | $2.20 Higher |
| LIVE CATTLE: | $0.42 Higher |
| DOW JONES: | 164 Points Lower |
| NASDAQ: | 161 Points Lower |
| CRUDE OIL: | $1.41 Higher |
MIDDAY MARKET UPDATE:
Block cheese price declined 1.25 cents, closing at $1.8775 with no loads traded with an offer for one load moving price lower. Barrel cheese price remained unchanged at $1.9475 with no loads traded and only an offer posted. Dry whey price remained unchanged at 45 cents with no loads traded. This put significant pressure on Class III futures during and shortly after spot trading. Some of those losses have been trimmed as the knee-jerk reaction runs its course. Futures are still lower but up from the lows. Contracts are 1 to 23 cents lower through the end of the year and then are mixed thereafter. Butter price increased 2.75 cents, closing at $2.99 with four loads traded. Grade A nonfat dry milk price increased 0.75 cent, closing at $1.5350 with nine loads traded. Class IV futures are 2 to 35 cents higher. Butter futures are 0.50 to 8.75 cents higher. Dry whey futures are unchanged.
