OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Higher |
| SOYBEANS: | 6 Lower |
| SOYBEAN MEAL: | $3.60 Lower |
| LIVE CATTLE: | $0.22 Lower |
| DOW JONES: | 890 Points Lower |
| NASDAQ: | 368 Points Lower |
| CRUDE OIL: | $0.30 Lower |
MIDDAY MARKET UPDATE:
Block cheese price declined 2 cents closing at $2.0925 with one load traded. Barrel cheese price declined 5.25 cents closing at $1.7725 with one load traded. Barrel price is nearing the previous low established on August 4 with a break below that level moving it back to the level of January. Dry whey price remained unchanged at 45.50 cents. Class III futures are holding well with contracts 10 cents lower to 10 cents higher. Only March is posting a decline. Butter price closed a penny higher at $2.8075 with three loads traded. Price initially moved lower before buyers became more aggressive moving price higher. Grade A nonfat dry milk gained a penny settling at $1.35 with four loads traded. Class IV futures show surprising strength with contracts 8 cents lower to 40 cents higher. What is unusual is the strong gain seen in the December contract. It has made a large correction due to the AMS weekly price report yesterday. Butter futures are 0.25–3.95 cents higher. Dry whey futures are 0.25 cents lower to 1.02 cents higher.
