OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Higher |
| SOYBEANS: | 7 Higher |
| SOYBEAN MEAL: | $5.60 Higher |
| LIVE CATTLE: | $0.15 Lower |
| DOW JONES: | 854 Points Lower |
| NASDAQ: | 482 Points Lower |
| CRUDE OIL: | $3.03 Lower |
MIDDAY MARKET UPDATE:
The block cheese price declined 4.75 cents closing at $1.85 with one load traded. The barrel cheese price declined 2 cents closing at $1.93 with one load traded. There was an unfilled bid in both blocks and barrels and an uncovered offer for a load of blocks. The dry whey price declined 1.50 cents closing at 61 cents with one load traded. The combination of the decline of cheese and dry whey triggered aggressive liquidation with Class III contracts 2 to 56 cents lower through the March contract. The September contract shows the greatest loss with over 1,000 contracts traded. April and later contracts were 1 to 12 cents higher. The butter price declined 2.25 cents closing at $3.1050 with 13 loads traded. Grade A nonfat dry milk remained unchanged at $1.24 with one load traded. Class IV futures are steady to 5 cents lower. Butter futures are 0.25 to 1.50 cents higher. Dry whey futures are 1.50 cents lower to 0.05 cent higher.
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