Friday Midday Dairy Market Summary - Milk Futures Are Hit Hard

OUTSIDE MARKETS SUMMARY:

CORN:	7 Lower
SOYBEANS:	10 Lower
SOYBEAN MEAL:	$0.30 Higher
LIVE CATTLE:	$0.45 Higher
DOW JONES:	274 Points Lower
NASDAQ:	235 Points Lower
CRUDE OIL:	$3.43 Lower

MIDDAY MARKET UPDATE:

Block cheese price slipped 0.50 cent, closing at $2.05 with no loads traded. Barrel cheese price fell 9 cents to $2.1250 with no loads traded. Lower cheese prices put pressure on the market but the fact that no buyers showed up heightened the pressure of futures. Buyers were not interested in purchasing barrels, even though price fell. Dry whey futures remained unchanged at 44.25 cents with no loads traded. Class III futures are unchanged to 75 cents lower with November posting the greatest loss. This brings December through March futures back below $20.00. Butter price declined a penny, closing at $3.1750 with no loads traded. Grade A nonfat dry milk price declined a penny, closing at $1.49 with two loads traded. Class IV futures are 6 to 34 cents lower with January showing the greatest loss. Butter futures are 4.12 cents lower to 0.35 cent higher. Dry whey futures are steady.