Tuesday Midday Dairy Market Summary - Butter and Nonfat Dry Milk Find Support

OUTSIDE MARKETS SUMMARY:

CORN:	2 Higher
SOYBEANS:	10 Lower
SOYBEAN MEAL:	$3.80 Lower
LIVE CATTLE:	$2.00 Lower
DOW JONES:	431 Points Lower
NASDAQ:	130 Points Lower
CRUDE OIL:	$3.72 Lower

MIDDAY MARKET UPDATE:

Block cheese price declined 2 cents to $1.6625 with 3 loads traded. There was an uncovered offer for a load of barrels remaining at the close. Barrel cheese price declined 0.75 cent closing at $1.5575 with 2 loads traded and one uncovered offer remaining at the close. Dry whey price remained unchanged at 32.50 cents. Class III futures were under pressure prior to spot trading, during, and shortly thereafter, but have moved more to mixed trading as the day progressed. Futures range from 7 cents lower to 7 cents higher. Butter price gained 7 cents closing at $2.4225 with 13 loads traded. Grade A nonfat dry milk price gained 3 cents closing at $1.1875 with one load traded. Class IV futures came to life with the most trading that has been seen in quite some time. Futures are 5-31 cents higher with November showing the greatest gain. Butter futures are steady to 2.95 cents higher. Dry whey futures are 0.22 cent lower to 0.40 cent higher. Tuesday is the last trading day for April futures and options with the April Federal Order prices announced Wednesday.