OUTSIDE MARKETS SUMMARY:
| CORN: | 6 1/2 Higher |
| SOYBEANS: | 1 3/4 Lower |
| SOYBEAN MEAL: | $1.80 Higher |
| LIVE CATTLE: | $0.35 Higher |
| DOW JONES: | 106 Points Lower |
| NASDAQ: | 14 Points Higher |
| CRUDE OIL: | $0.40 Higher |
MIDDAY MARKET UPDATE:
The block cheese price rebounded slightly following the recent market pressure, gaining 1 cent closing at $2.12 with three loads traded. The barrel cheese price continues to be very unsupported, falling an additional 15 cents per pound closing at $2.1475 with two loads traded. Additional bids or offers remained on the trade floor at the end of spot trading. The dry whey price remained unchanged at 59.75 with no loads traded. Class III futures have stabilized Monday with end of the month and quarter positioning appearing to be the main focus during morning trade. Nearby Class III Milk contracts are 1 to 4 cents per cwt higher, while further out contracts are posting gains of 5 to 19 cents per cwt at midday. The butter price was the bright spot of the dairy complex, gaining 7.25 cents closing at $2.8050 with 16 loads traded. If continued support can develop through the week, market lows may have been established following the aggressive recent market pullback. Nonfat dry milk remained unchanged Monday closing at $1.3575 with no loads reported traded. Class IV futures are steady in nearby contracts in very limited market activity through the morning session. Deferred Class IV contracts are holding gains of 2 to 12 cents per cwt. Butter futures are 0.90 cent to 5 cents higher. Dry whey futures are steady to 0.775 cent higher.
