OUTSIDE MARKETS SUMMARY:
| CORN: | 2 lower |
| SOYBEANS: | 11 Higher |
| SOYBEAN MEAL: | $12.90 Higher |
| LIVE CATTLE: | $0.90 Lower |
| DOW JONES: | 295 Points Lower |
| NASDAQ: | 113 Points Lower |
| CRUDE OIL: | $0.62 Higher |
MIDDAY MARKET UPDATE:
Block cheese price declined 2.50 cents closing at $2.1350 with three loads traded. Barrel cheese price declined a penny to $1.8575 with one load traded. Dry whey increased a penny closing at 41.50 with no loads traded. The increase in whey did not help to offset the bearishness that permeated through the market with the weakness of cheese. Class III contracts are 4-28 cents lower. Even though later Class III milk contracts did not move higher with cheese prices over the past eight consecutive days of strength, the first sign of weakness had traders selling the later contacts. Only the October contract is holding above $20.00 throughout next year. Butter price remained unchanged at $2.38 with no loads traded. Grade A nonfat dry milk price remained unchanged at $1.3350 with 11 loads traded. Class IV futures are mixed ranging from 14 cents lower to 5 cents higher. Butter futures are steady to 1.27 cents higher. Dry whey futures are 0.75 cents lower to 0.47 cents higher. USDA will release the November Agricultural Prices report this afternoon providing the average prices used in the calculation of income over feed for the Dairy Margin Coverage program. I do not anticipate a payment for the month.
