OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Higher |
| SOYBEANS: | 9 Higher |
| SOYBEAN MEAL: | $1.20 Higher |
| LIVE CATTLE: | $0.22 Lower |
| DOW JONES: | 280 Points Lower |
| NASDAQ: | 21 Points Lower |
| CRUDE OIL: | $1.92 Lower |
MIDDAY MARKET UPDATE:
The block cheese price declined 1.50 cents closing at $2.1750 with no loads traded. The closest bid in the market was at $2.11 suggesting further weakness. The barrel cheese price plummeted by 11.75 cents closing at $2.4275 with no loads traded. Barrels developed a price void under the market when the price moved to a record high. Sellers want to move supply and are not able to find willing buyers. However, a bid was finally posted at $2.40 possibly indicating a level where buyers are willing to purchase and support the market. The dry whey price gained 0.50 cents closing at 59.50 cents with no loads traded. Class III futures are 1 cent lower to 19 cents higher with the loss confined to the September contract. The butter price declined 4 cents closing at $2.86 with eight loads traded. The price is at the lowest level it has been since April 1. Grade A nonfat dry milk remained unchanged at $1.3775 with 13 loads traded. Class IV futures are 11 cents lower to 3 cents higher. Butter futures are 0.77 to 3.05 cents lower. Dry whey futures are 0.25 to 0.50 cents higher.
