OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Higher |
| SOYBEANS: | 1 Lower |
| SOYBEAN MEAL: | $2.70 Higher |
| LIVE CATTLE: | $0.47 Higher |
| DOW JONES: | 300 Points Lower |
| NASDAQ: | 486 Points Lower |
| CRUDE OIL: | $0.87 Higher |
Midday Market Update:
The block cheese pricer increased a penny to $1.94 with three loads traded. The price initially increased to $1.9525 before sellers became more aggressive. The barrel cheese price increased by 1.50 cents closing at $1.9750 with five loads traded. The price initially increased to $1.98 before more aggressive selling took the price off the high. This may be a limiting factor for the differed contracts. The nearby August and September Class III contracts retain double-digit gains. Futures range from 5 cents lower to 28 cents higher. The dry whey price increased a penny closing at 54 cents with no loads traded. The butter price increased by 1.50 cents closing at $3.09 with six loads traded. Nonfat dry milk increased by 1.50 cents closing at $1.2350 with 123 loads traded. Class IV futures are unchanged to 8 cents higher. Butter futures are 0.55 to 4.47 cents higher. Dry whey futures are 0.25 to 4.00 cents higher.
