OUTSIDE MARKETS SUMMARY:
| CORN: | 9 Lower |
| SOYBEANS: | 28 Lower |
| SOYBEAN MEAL: | 10.60 Lower |
| LIVE CATTLE: | $0.40 Lower |
| DOW JONES: | 304 Points Lower |
| NASDAQ: | 121 Points Lower |
| CRUDE OIL: | $1.81 Lower |
MIDDAY MARKET UPDATE:
Block cheese price increased 2.50 cents, closing at $2.0150 with one load traded. There was an unfilled bid at the closing price remaining on the board. It is positive that price moved above psychological resistance at $2.00 which should provide further buying interest as buyers will want to purchase to get ahead of further price increases. This is the highest price since March 28. Barrel cheese price increased 2.50 cents, closing at $1.85 with no loads traded. There were three unfilled bids remaining at the close. Dry whey price slipped 0.50 cent, closing at 26.25 cents with five loads traded. Class III futures moved from double-digit losses to double-digit gains as spot trading took place. However, the initial gains were trimmed as buying ran its course in light volume. Futures are currently 10 cents lower to 22 cents higher with the greatest gain in the September contracts. Traders remain reluctant to be aggressive buyers of futures. Butter price increased 0.25 cent, closing at 26.25 with five loads traded. Grade A nonfat dry milk price declined 1.50 cents, closing at $1.0950 with no loads traded. This is the lowest price in a month. Class IV futures have only traded in the February contract and that is down 23 cents. Butter futures are 0.05 to 1.75 cents lower. Dry whey futures are 0.50 to 1.00 cent lower.
