Tuesday Midday Dairy Market Summary - Steady Cheese Triggers Selling

OUTSIDE MARKETS SUMMARY:

CORN:	6 Lower
SOYBEANS:	7 Lower
SOYBEAN MEAL:	$3.80 Higher
LIVE CATTLE:	$1.65 Higher
DOW JONES:	7 Points Higher
NASDAQ:	70 Points Lower
CRUDE OIL:	$0.08 Higher

MIDDAY MARKET UPDATE:

Both blocks and barrels remained unchanged at $1.96 and $1.87, respectively, with no loads traded. Only an offer showed up for two loads of barrels, which was posted 8 cents higher. There was no interest in doing any business. Dry whey price increased a penny, closing at 26 cents with one load traded. Traders did not like it that cheese prices did not show continued strength as traders sold into the market, pushing Class III futures significantly lower. Contracts range from unchanged to 47 cents lower with nearby months showing the greatest losses. Butter prices declined a penny, closing at $2.67 with 25 loads traded. There were offers for three loads remaining at the close. Grade A nonfat dry milk price declined 0.50 cent, closing at $1.1425 with three loads traded. Class IV futures are down 10 cents in the only contract traded which is August. Butter futures are 1.00 to 3.25 cents lower. Dry whey futures are unchanged to 0.10 cent higher.