OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Higher |
| SOYBEANS: | Unchanged |
| SOYBEAN MEAL: | $1.30 Lower |
| LIVE CATTLE: | $0.70 Higher |
| DOW JONES: | 62 Points Lower |
| NASDAQ: | 171 Points Lower |
| CRUDE OIL: | $2.73 Lower |
MIDDAY MARKET UPDATE:
Both block and barrel prices remained unchanged at $1.88 and $1.5475, respectively. There were no loads traded of blocks with three loads of barrels traded. It may be difficult for Class III milk futures to gain much traction in the current market environment. Dry whey price increased a penny, closing at 45 cents with one load traded. Class III futures are mixed, ranging from 8 cents lower to 3 cents higher. Butter price declined 4.50 cents, closing at $2.3750 with three loads traded. Current fundamentals do not suggest butter will establish a long-term trend higher as of yet. Price will remain choppy. Grade A nonfat dry milk price was unchanged at $1.22 with no loads traded. Class IV futures have not yet traded with wide bid and offers posted. If they do, prices will be lower. Butter futures are 0.65 cent lower to 3.90 cents higher on light trading activity. Dry whey futures are 0.02 cent lower to 0.25 cent higher. Dairy markets will be closed on Monday and will reopen Monday evening at the usual time.
