OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Lower |
| SOYBEANS: | 6 Lower |
| SOYBEAN MEAL: | $0.50 Higher |
| LIVE CATTLE: | $2.00 Lower |
| DOW JONES: | 413 Points Lower |
| NASDAQ: | 432 Points Lower |
| CRUDE OIL: | $1.52 Lower |
MIDDAY MARKET UPDATE:
The block cheese price increased by 4 cents closing at $2.27 with five loads traded. The barrel cheese price increased 2.50 cents closing at $2.2750 with two loads traded. The dry whey price increased 2 cents closing at 58.75 cents with three loads traded. The Class III futures have not responded as would have been anticipated with contracts 17 cents lower to 21 cents higher. One would think that buyers would have been more aggressive seeing that prices have increased. The butter price increased by 1.25 cents closing at $3.1750 with six loads traded. Grade A nonfat dry price increased by 0.75 cent closing at $1.3650 with nine loads traded. Class IV futures are steady to 27 cents higher with trading taking place only in the October and November contracts. Butter futures are steady to 2.22 cents higher. Dry whey futures are steady to 1.00 cent lower. USDA will release the July Dairy Products report this afternoon. There will be no Dairy Revenue Protection prices released due to the report.
