Monday Midday Dairy Market Summary - Milk Futures Under Further Pressure

OUTSIDE MARKETS SUMMARY:

CORN:	2 Higher
SOYBEANS:	16 Higher
SOYBEAN MEAL:	$4 Lower
LIVE CATTLE:	$2.42 Lower
DOW JONES:	7 Points Lower
NASDAQ:	31 Points Lower
CRUDE OIL:	$1.28 Higher

MIDDAY MARKET UPDATE:

Block cheese price increased 3.50 cents at $1.70 with two loads traded. Barrel cheese price fell 6 cents, closing at $1.58 with 11 loads traded. The weakness of barrels more than offset the gain of blocks. The dry whey price slipped 0.25 cent, closing at 38.50 cents with six loads traded.

Class III futures are 22 cents lower to 5 cents higher with only the October contract showing gain with one contract traded. Butter price declined 9.75 cents with $3.01 with four loads traded. Grade A nonfat dry milk declined a penny to $1.1750 with two loads traded. Class IV futures have only traded in the June contract with the price unchanged. Butter futures are 1.25 to 3.55 cents lower. Dry whey futures are 0.25 to 0.50 cent lower.