OUTSIDE MARKETS SUMMARY:
| CORN: | 7 Lower |
| SOYBEANS: | 14 Lower |
| SOYBEAN MEAL: | $6.20 Lower |
| LIVE CATTLE: | $1.35 Lower |
| DOW JONES: | 371 Points Lower |
| NASDAQ: | 72 Points Lower |
| CRUDE OIL: | $0.60 Lower |
MIDDAY MARKET UPDATE:
Block cheese price fell 5.25 cents, closing at $1.81 with five loads traded. Barrel cheese price declined 2 cents, closing at $1.96 with five loads traded. This widens the block/barrel spread to 15 cents. There was an unfilled bid and an uncovered offer for a load of blocks while barrels had three uncovered offers remaining at the close. This is not putting pressure on Class III futures due to contracts showing substantial pressure on Tuesday, which had the weakness today already factored in. Dry whey slipped 0.25 cents, closing at 39.50 cents with six loads traded. Class III futures are 3 cents lower to 32 cents higher with July showing the greatest gain and June the only loss. Butter price declined 2.75 cents, closing at $2.9750 with five loads traded. The price initially went down to $2.95 before buying interest took it off the lows. There was quite a bit of movement during the trading session. Butter price is down to the lowest level since April 30. Grade A nonfat dry milk price declined by 0.50 cent, closing at $1.1650 with two loads traded. Class IV futures are steady to 27 cents lower. Butter futures are 0.50 to 3.52 cents lower. Dry whey futures are 0.25 lower to 0.27 cent higher.
