OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Lower |
| SOYBEANS: | 14 Lower |
| SOYBEAN MEAL: | $6.40 Lower |
| LIVE CATTLE: | $2.07 Lower |
| DOW JONES: | 385 Points Lower |
| NASDAQ: | 220 Points Lower |
| CRUDE OIL: | $1.26 Higher |
MIDDAY MARKET UPDATE:
The weekly Global Dairy Trade reported a 4.4% price increase from the previous week's levels with most markets posting narrow to moderate price gains. Cheddar cheese and lactose markets were the only markets to post a price decline, while skim and whole milk powder both posted strong shifts higher.
Class III milk prices are quietly mixed Tuesday morning with a weaker undertone following a 10 cent per cwt loss in spot month October contracts. The sharp losses in the stock market have most commodity markets showing some pressure, although the overall lack of volume in milk trade may limit additional widespread price movements, especially given the limited trade and price movement Tuesday in cash-traded dairy products. No trade developed Tuesday in the morning report for butter and cheese markets with prices remaining stable from Monday's levels. Dry whey markets posted the most morning activity with a 0.25 cent per pound increase as prices shifted to 0.2850 per cwt. Trade through the rest of the day is expected to remain extremely sluggish, which is likely to keep price levels moderately stable.
