OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Lower |
| SOYBEANS: | 11 Higher |
| SOYBEAN MEAL: | $9.90 Higher |
| LIVE CATTLE: | $0.27 Higher |
| DOW JONES: | 4 Points Lower |
| NASDAQ: | 11 Points Lower |
| CRUDE OIL: | $0.45 Higher |
MIDDAY MARKET UPDATE:
Block cheese price initially increased 0.25 cent, at which time a trade was made. Then sellers became more aggressive and were unable to find a buyer. Price declined 0.75 cent, ending at $2.0525 with one load traded. Barrel cheese price gained 1.25 cents, ending at $2.1025 with one load traded. Dry whey price slipped 0.50 cent, ending at 45.40 cents with one load traded. Class III futures have been on a roller coaster with current prices 15 cents lower to 28 cents higher. Trading has been confined to only a few contract months with limited activity. Butter price rebounded 2 cents, closing at $3.1525 with nine loads traded. Grade A nonfat dry milk price declined a penny, closing at $1.56 with no loads traded. Class IV futures are 10 cents lower to 8 cents higher. USDA will release the August Milk Production report Monday afternoon. I estimate milk production to be up 0.3% from a year ago and cow numbers to be up 3,000 head from July.
