OUTSIDE MARKETS SUMMARY:
| CORN: | 16 Lower |
| SOYBEANS: | 37 Lower |
| SOYBEAN MEAL: | $1.20 Lower |
| LIVE CATTLE: | $0.12 Higher |
| DOW JONES: | 280 Points Lower |
| NASDAQ: | 180 Points Lower |
| CRUDE OIL: | $2.59 Lower |
MIDDAY MARKET UPDATE:
Block cheese price increased a penny to $1.7350 with no loads traded. Barrel cheese price remained unchanged at $1.85 with no loads traded. Dry whey price slipped 0.50 cents ending at 47 cents with no loads traded. This should have provided some support to Class III futures but that has not been the case with contracts 5-46 cents lower. The November contract shows the greatest loss. Butter price gained 3.75 cent closing trading at $3.0925 with six loads traded. Grade A nonfat dry milk price declined 3 cents closing at $1.52 with two loads traded. Class IV futures are 10-40 cents lower as the weakness of nonfat dry milk outweighed the gain of butter. Butter futures are 3.75 cents lower to 0.52 cents higher. Dry whey futures are 2.00 cents lower to 0.37 cents higher. FSA released the average soybean meal price for the month of July. The price was $467.87 per ton. The resulting income over feed price for July was $9.92.
