OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Lower |
| SOYBEANS: | 21 Lower |
| SOYBEAN MEAL: | $0.90 Lower |
| LIVE CATTLE: | $0.30 Lower |
| DOW JONES: | 170 Points Higher |
| NASDAQ: | 97 Points Higher |
| CRUDE OIL: | $0.81 Lower |
MIDDAY MARKET UPDATE:
Block cheese price held steady at $1.59 with no loads traded. There were two unfilled bids 5 cents below the market which is a concern that further loss might be possible. Barrel cheese price declined 5.50 cents, closing at $1.44 with eight loads traded. There were six unfilled bids remaining below the market with one uncovered offer. Like yesterday, sellers may need to lower offers to move supply.
Dry whey price remained unchanged at 39.75 cents with no loads traded. Class III futures are taking it in stride with contracts under pressure but not quite as much as would have been anticipated with prices 9 cents lower to 7 cents higher with only July and front-month November showing gains. The butter price declined 3 cents, closing at $2.20 with five loads traded and an unfilled bid remaining below the market. Grade A nonfat dry milk price gained 1.25 cents, closing at $1.1850 with three loads traded. Class IV futures are 5 to 9 cents lower. Butter futures are 0.12 cent to 1.15 cents higher. Dry whey futures are unchanged to 0.37 cent lower. USDA will release the October Cold Storage and Livestock Slaughter reports this afternoon.
