OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Higher |
| SOYBEANS: | 8 Higher |
| SOYBEAN MEAL: | $2.00 Higher |
| LIVE CATTLE: | $0.45 Lower |
| DOW JONES: | 312 Points Lower |
| NASDAQ: | 3 Points Higher |
| CRUDE OIL: | $1.64 Higher |
MIDDAY MARKET UPDATE:
The block cheese price declined by 0.50 cent closing at $1.92 with three loads traded. The barrel cheese price declined by 3 cents closing at $1.98 with four loads traded. The dry whey price remained steady at 60.25 cents with no loads traded. The weakness of cheese put pressure on Class III futures as one would expect. Prices are likely to continue to chop around. Class III contacts are 3 to 28 cents lower. The butter price jumped 7 cents closing at $2.73 with three loads traded. Nonfat dry milk gained 0.75 cent closing at $1.3875 with three loads traded. Class IV futures have not yet been traded today. Butter futures are 0.20 to 2.00 cents higher. Dry whey futures are 0.42 cent lower. The USDA will release the September Milk Production report Monday afternoon. I estimate milk production to be steady from a year ago. Also, I estimate cow numbers to be 2,000 head higher than in August but remain substantially below a year ago.
