OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Lower |
| SOYBEANS: | 1 Higher |
| SOYBEAN MEAL: | $2.20 Higher |
| LIVE CATTLE: | $0.10 Lower |
| DOW JONES: | 9 Points Lower |
| NASDAQ: | 16 Points Higher |
| CRUDE OIL: | $0.84 Higher |
MIDDAY MARKET UPDATE:
The block cheese price gained 0.25 cent, closing at $1.9375 with five loads traded. The price initially increased to $1.9475 before sellers became more aggressive, taking it back from the high. Barrel cheese remained unchanged with three loads traded. The price initially increased by 0.25 cent before it settled back. The dry whey price gained 0.50 cent, closing at 48 cents with no loads traded. Class III futures were on a seesaw bouncing up and down. The current futures are 8 cents lower to 1 cent higher. Butter price remained unchanged at $3.1050 with no loads traded. The Grade A nonfat dry milk price declined a penny, closing at $1.19 with 11 loads traded. The volume in nonfat dry milk has been exceptional so far this week. Class IV futures are down 18 cents in October, the only contract that has traded so far Wednesday. Butter futures are 3.00 cents lower to 0.75 cent higher. Dry whey futures are down 1.47 cents in August and the only contract traded. USDA left their estimate for milk production unchanged at 227.3 billion pounds for this year and 229.3 billion pounds for next year on the World Agricultural Supply and Demand report.
