OUTSIDE MARKETS SUMMARY:
| CORN: | 8 Lower |
| SOYBEANS: | 9 Lower |
| SOYBEAN MEAL: | $4 Lower |
| LIVE CATTLE: | $0.10 Lower |
| DOW JONES: | 111 Points Higher |
| NASDAQ: | 79 Points Lower |
| CRUDE OIL: | $1.97 Higher |
MIDDAY MARKET UPDATE:
There was follow-through weakness from the selling pressure yesterday, but milk futures sunk after cheese prices declined during spot trading. Block cheese fell 5.50 cents, closing at $1.87 with one load traded. There were 2 uncovered offers remaining at the close. Barrel cheese price declined 2.25 cents closing at $1.8050 with 3 loads traded. There were 2 unfilled bids and 2 uncovered offers remaining at the close.
Dry whey price increased 0.50 cent closing at 30 cents with 2 loads traded. Class III futures are unchanged at 40 cents lower with October showing the greatest loss. The October contract has declined $0.94 cents over the past 2 days while underlying cash has not fallen to that extent.
Butter price gained 4.25 cents closing at $2.7225 with 4 loads traded. Grade A nonfat dry milk price remained unchanged at $1.10. Class IV futures are 19 cents lower in November and the only contract traded so far. Butter futures are steady at 2.97 cents higher. Dry whey futures are steady to 0.47 cent lower. USDA reduced milk production slightly in the World Agricultural Supply and Demand report. They currently estimate milk production this year to average 227.5 billion pounds and 230.4 billion pounds next year.
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