OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Lower |
| SOYBEANS: | 3 Lower |
| SOYBEAN MEAL: | $1.10 Higher |
| LIVE CATTLE: | $1.60 Lower |
| DOW JONES: | 615 Points Lower |
| NASDAQ: | 419 Points Lower |
| CRUDE OIL: | $0.92 Lower |
MIDDAY MARKET UPDATE:
The block cheese price declined 1.75 cents, closing at $1.8975 with no loads traded. The barrel cheese price declined by 2.50 cents, closing at $1.95 with no loads traded. The concern is that only sellers showed up in the spot market. There were uncovered offers for five loads of blocks and two loads of barrels. This would suggest buyers have pulled back and further downside may unfold. The dry whey price increased by 0.50 cent, closing at 62.50 cents with one load traded. Class III futures are 23 cents lower to 9 cents higher. Futures contracts are negative through January with the June 2025 contract showing a gain of 9 cents. The butter price remained unchanged at $3.1275 with no loads traded and only sellers showing up during spot trading. Grade A nonfat dry milk slipped 0.50 cent, closing at $1.24 with four loads traded. Class IV futures are steady to 3 cents lower. Butter futures are unchanged to 0.75 cent higher. Dry whey futures are steady to 0.25 cent lower.
