OUTSIDE MARKETS SUMMARY:
| CORN: | 8 Lower |
| SOYBEANS: | 12 Lower |
| SOYBEAN MEAL: | $1.20 Lower |
| LIVE CATTLE: | $0.25 Lower |
| DOW JONES: | 114 Points Lower |
| NASDAQ: | 101 Points Lower |
| CRUDE OIL: | $0.24 Lower |
MIDDAY MARKET UPDATE:
The block cheese price declined 3.50 cents, closing at $1.6650 and the lowest price since July 19. There were six loads traded. Barrel cheese price declined 3.25 cents, closing at $1.64 with two loads traded, holding up better than blocks over the past few weeks. The price of dry whey increased 1.50 cents, closing at 38.75 cents with 19 loads traded. This may have provided some support for Class III futures by minimizing the selling pressure. Class III futures are 16 cents lower to 1 cent higher.
Butter price slipped 1.25 cents, closing at $3.1075 with three loads traded. Grade Nonfat dry milk price remained steady at $1.1850 with no loads traded. Class IV futures are unchanged to a penny lower. Butter futures are 2.02 cents lower to 0.75 cent higher. Dry whey futures have not yet traded.
USDA has not released the September Dairy Products report which will show production for the month. It is not a market mover but will be looked at for potential market direction. Due to the report, there will be no DRP prices released today.
