OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Lower |
| SOYBEANS: | 4 Higher |
| SOYBEAN MEAL: | $9.00 Higher |
| LIVE CATTLE: | $1.40 Higher |
| DOW JONES: | 247 Points Lower |
| NASDAQ: | 159 Points Lower |
| CRUDE OIL: | $0.08 Lower |
MIDDAY MARKET UPDATE:
Block cheese price increased 5.50 cents closing at $1.9450 with 3 loads traded. Price moved to $1.9475 initially but was unable to hold the gain settling back 0.25 cent from the high. Barrel closed 0.50 cent lower at $1.80 but that was bullish due to price initially declining 3.50 cents before buyers became aggressive bringing price up from the lows. Dry whey price was unchanged at 26 cents with no loads traded. Class III futures are 5 cents lower to 50 cents higher. The decrease is in August as the price adjusted from the AMS weekly prices that were released yesterday. August will end trading on Tuesday with the Federal Order prices to be announced on Wednesday. The adjustment in price is in response to the weekly prices. Butter price remained unchanged at $2.7050 with no loads traded. Grade A nonfat dry milk price remained unchanged at $1.0950 with no loads traded. Class IV futures have traded with all traded contracts at steady prices with yesterday. Butter futures are 1.27 cents lower to 1 cent higher. Dry whey futures are steady to 0.47 cent higher. USDA will release the July Livestock Slaughter report this afternoon showing the number of dairy cattle slaughtered during the month.
