OUTSIDE MARKETS SUMMARY:
| CORN: | Unchanged |
| SOYBEANS: | 2 Higher |
| SOYBEAN MEAL: | $4.40 Lower |
| LIVE CATTLE: | $1.37 Lower |
| DOW JONES: | 57 Points Lower |
| NASDAQ: | 201 Points Lower |
| CRUDE OIL: | $1.18 Lower |
MIDDAY MARKET UPDATE:
Block cheese price declined 3.25 cents, closing at $1.46 with two loads traded. Barrel cheese price declined 5.75 cents, closing at $1.4875 with three loads traded. Dry whey price remained unchanged at 41 cents with no loads traded. Class III futures do not reflect the lower cheese prices as they had been beaten up earlier this week.
Class III futures are mixed, ranging from 3 cents lower to 14 cents higher. Butter price rebounded, gaining 3.50 cents and closing at $2.8025 with four loads traded. Grade A nonfat dry milk price increased 2.25 cents, closing at $1.17 with no loads traded. Class IV futures are steady to 7 cents higher. Butter futures are steady to 1.50 cents higher. Dry whey futures are 0.50 cent lower to 1.17 cents higher. USDA reduced its expectations for milk production on the World Agricultural Supply and Demand report to 227.3 billion pounds for this year.
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