OUTSIDE MARKETS SUMMARY:
| CORN: | Unchanged |
| SOYBEANS: | 3 Higher |
| SOYBEAN MEAL: | $0.50 Lower |
| LIVE CATTLE: | $0.15 Higher |
| DOW JONES: | 30 Points Lower |
| NASDAQ: | 62 Points Lower |
| CRUDE OIL: | $1.59 Lower |
MIDDAY MARKET UPDATE:
The block cheese price slipped by 0.50 cent closing at $2.0950 with one load traded. The barrel cheese price gained 1.75 cents closing at $2.2825 with no loads traded. The inverted block/barrel spread widens to 18.75 cents. The dry whey price gained a penny closing at 56.75 cents with one load traded. Class III futures are 6 cents lower to 12 cents higher. The butter prices declined a penny closing at $3.16 with 16 loads traded. The price initially increased 2 cents before selling pressure intensified and the price was pushed lower. Grade A nonfat dry milk increased by 0.25 cent closing at $1.2850 with seven loads traded. Class IV futures are 1 to 18 cents higher. Butter futures are 2.00 cents lower to 3.75 cents higher. Dry whey futures are steady to 0.52 cent higher. USDA will release the July Milk Production report this afternoon. I estimate milk production to be down 1.1% below a year ago. I estimate cow numbers to be 2,000 higher than in June.
