OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Lower |
| SOYBEANS: | 6 Lower |
| SOYBEAN MEAL: | $5.00 Lower |
| LIVE CATTLE: | $1.90 Higher |
| DOW JONES: | 215 Points Lower |
| NASDAQ: | 53 Points Higher |
| CRUDE OIL: | $0.30 Lower |
MIDDAY MARKET UPDATE:
Both block and barrel cheese prices remained steady at $2.23 and $2.25 respectively with one load traded of barrels. There was an unfilled bid and an uncovered offer remaining for a load of barrels. This eased the concern traders had over the potential for price weakness. Class III futures were substantially lower before spot trading, but have regained some of the early losses. Futures are steady to 25 cents lower. The dry whey price increased by 0.25 cent closing at 56.75 with no loads traded. The butter increased 1.50 cents closing at $3.1625 with three loads traded. Grade A nonfat dry milk increased by 0.25 cent closing at $1.3575 with two loads traded. Class IV are surprisingly under pressure with contracts ranging from 29 cents lower to 3 cents higher. Class IV futures may be correcting from the excess premium the market contained.
