OUTSIDE MARKETS SUMMARY:
| CORN: | 9 Higher |
| SOYBEANS: | 11 Higher |
| SOYBEAN MEAL: | $0.60 Lower |
| LIVE CATTLE: | $0.52 Lower |
| DOW JONES: | 69 Points Lower |
| NASDAQ: | 76 Points Lower |
| CRUDE OIL: | $2.47 Lower |
MIDDAY MARKET UPDATE:
Block cheese price remained unchanged at $1.96 with two loads traded. Barrel cheese price increased 1.75 cents, closing at $1.9425 with three loads traded. This provided strength to milk futures for a period of time, but that strength was reduced once butter traded. Butter price fell 19.50 cents, closing at $2.94550 where price has not been since Aug. 19. This basically eliminates the ideas that there will be a butter shortage through the end of the year. If there were a butter shortage, price would be increasing to find a level where demand would slow. That seems to have already been accomplished. Grade A nonfat dry milk price declined 0.50 cent, closing at $1.4250 with no loads traded. Dry whey price gained a penny, closing at 44 cents. Class III futures are 17 cents lower to 26 cents higher. Class IV futures are unchanged with bid and offers very wide. Butter futures are 2.10 to 7.50 cents lower. Dry whey futures are steady to $0.57 cent lower. USDA will release the September Agricultural Prices report Monday afternoon, providing average prices used in calculating income over feed for the Dairy Margin Coverage program.
