OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Lower |
| SOYBEANS: | 7 Higher |
| SOYBEAN MEAL: | $2.70 Higher |
| LIVE CATTLE: | $0.45 Higher |
| DOW JONES: | 46 Points Lower |
| NASDAQ: | 120 Points Lower |
| CRUDE OIL: | $0.94 Lower |
MIDDAY MARKET UPDATE:
Block cheese price succumbed to the pressure from the weakness of barrels Block price declined 3.25 cents, closing at $2.20 with no loads traded. There was one seller attempting to move a load and was unable to find a buyer. Barrel cheese price fell 8.50 cents with one load traded. There were two unfilled bids and two uncovered offers remaining at the close. The block/barrel spread is now at 35.75 cents. Barrel price has fallen 21 cents over the past week. Dry whey price remained unchanged at 44 cents with no load traded. Class III futures are currently 34 cents lower to on cent higher with the only strength in front month November. Butter price rebounded 9 cents, taking back a large amount of what was lost Friday. Price closed at $2.90 with six loads traded. Grade A nonfat dry milk price remained unchanged at $1.4275 with no loads traded. Class IV futures only show one trade which took place in the May contract 11 cents lower. USDA will release the October Milk production report Monday afternoon. I estimate milk production to be up 1.4% from a year ago with cow numbers up 2,000 head compared to September. Milk production per cow is expected to be significantly above a year ago.
