OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Higher |
| SOYBEANS: | 3 Higher |
| SOYBEAN MEAL: | $3.10 Higher |
| LIVE CATTLE: | $2.47 Lower |
| DOW JONES: | 882 Points Lower |
| NASDAQ: | 465 Points Higher |
| CRUDE OIL: | $0.47 Lower |
MIDDAY MARKET UPDATE:
The block cheese price declined a penny, closing at $1.84 with one load traded. The barrel cheese price declined 2 cents, closing at $1.91 with no loads traded. This added further pressure to Class III futures. Milk futures were already under pressure due to the anticipation of further cash weakness. When spot prices declined there further pressure was put on the market. Most of the trading activity has taken place in the September contract with over 1,260 contracts traded. Class III futures are 5 to 62 cents lower with September taking the brunt of the selling. The butter price remained unchanged at $3.1050 with no loads traded. Grade A nonfat dry milk declined by 0.75 cent, closing at $1.2325 with two loads traded. Class IV futures have only traded in the December contract with the price 4 cents higher. Butter futures are steady to 2.25 cents lower. Dry whey futures are 3.50 cents lower to 0.25 cent higher. USDA will release the June Dairy Products report Monday afternoon.
