OUTSIDE MARKETS SUMMARY:
| CORN: | 8 Lower |
| SOYBEANS: | 2 Lower |
| SOYBEAN MEAL: | $0.90 Higher |
| LIVE CATTLE: | $2.77 Lower |
| DOW JONES: | 213 Points Lower |
| NASDAQ: | 77 Points Lower |
| CRUDE OIL: | $1.66 Higher |
MIDDAY MARKET:
Block cheese closed 3.75 cents higher at $1.4725 with four loads traded. Barrel cheese price increased by 0.25 cent, closing at $1.4325 with three loads traded. Barrel price initially increased a penny but slipped back from the high as sellers became a bit more aggressive. The inability of barrels to the higher spot prices did take Class III futures from the highs with current futures prices mixed ranging from 8 cents lower to 26 cents higher. The November and December contracts show strong gains of 25 cents and 26 cents respectively. The dry whey price increased a penny to 44 cents with no loads traded. Butter price increased by 0.75 cent closing at $2.8475 with four loads traded.
Grade A nonfat dry milk price remained unchanged at $1.1625 with nine loads traded. Class IV futures have not yet traded but should see higher prices. Butter futures are 0.87 cent lower to 2.97 cents higher. Dry whey futures are 0.12-0.37 cent higher. Corn futures are under pressure eliminating the gains of the past week. This may limit the upside potential for milk as there is a correlation between milk and corn in the big picture.
