OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Lower |
| SOYBEANS: | 1 Higher |
| SOYBEAN MEAL: | $3.80 Lower |
| LIVE CATTLE: | $0.57 Lower |
| DOW JONES: | 233 Points Lower |
| NASDAQ: | 24 Points Lower |
| CRUDE OIL: | $0.82 Lower |
MIDDAY MARKET UPDATE:
Block cheese price declined 4.75 cents, closing at $1.7975 with one load traded. This is the lowest price since Aug. 6, 2022. That is certainly a negative situation. Obviously, block cheese price and Class III futures are not oversold. Barrel price increased 3 cents, closing at $1.6975 with two loads traded. This moves the block/barrels spread to 10 cents, a place where it has not been for quite some time. Dry whey price increased 0.25 cents, ending at 44 cents with one load traded. Class III futures are steady to 12 cents lower. Butter price declined 1.50 cents, closing at $2.33 with three loads traded. Grade A nonfat dry milk price remained unchanged at $1.1650 with no loads traded. Only the September Class IV contract has traded, posting a loss of 2 cents. However, increasing trading activity is likely with prices expected to be lower. Butter futures are 0.52 cent lower to 0.25 cent higher. Dry whey futures are 0.15 lower to 0.25 cent higher.
