OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Lower |
| SOYBEANS: | 22 Lower |
| SOYBEAN MEAL: | $5.80 Lower |
| LIVE CATTLE: | $1.45 Higher |
| DOW JONES: | 221 Points Lower |
| NASDAQ: | 235 Points Lower |
| CRUDE OIL: | $1.35 Higher |
MIDDAY MARKET UPDATE:
The block cheese price declined 1.75 cents, closing at $2.0775 with one load traded. Offers were remaining at the close of spot trading with no unfilled bids. The barrel cheese prices declined 6 cents, closing at $2.2225 with no loads traded. The concern is that the only bids posted were way down at $2.0175 and $2.0150. Many times when there are bids posted substantially lower than the market without any buyers between, prices eventually go to that level. Hopefully, that will not be the case. The dry whey price slipped 0.25 cent, closing at 56.50 cents with one load traded. Class III futures reached the 75-cent daily limit down as traders reacted to the lower spot prices and the bearish implication of the milk production report. The butter price declined a penny, closing at $3.15 with no loads traded. Only sellers showed up during spot trading. Grade A nonfat dry milk declined by 0.50 cents with eight loads traded. Class IV futures are steady to 6 cents higher. Butter futures are 4.05 cents lower to 0.95 cent higher. Dry whey futures are 1.25 cents lower to 1.25 cents higher.
