OUTSIDE MARKETS SUMMARY:
| CORN: | 1 1/4 Lower |
| SOYBEANS: | 1/2 Lower |
| SOYBEAN MEAL: | $3.80 Lower |
| LIVE CATTLE: | $0.67 Lower |
| DOW JONES: | 194 Points Lower |
| NASDAQ: | 14 Points Lower |
| CRUDE OIL: | $3.54 Higher |
MIDDAY MARKET UPDATE:
Market activity has been focused on a strong market pullback in stock prices and an active rally in energy markets Thursday morning. This has brought about some additional uncertainty and volatility in commodity markets. For now, most of the activity has been focused on outside markets and non-commercial interest rather than fundamental market moves in either ag commodities or dairy market segments. Cash butter exchange posted active trade with 16 trades taking place at $2.68 per pound with prices unchanged from midweek levels. At least for a temporary basis, this indicates that traders may be focusing on market stability at current prices. This could signal that butter markets may have hit or may be near to short-term support levels.
Cheese prices continued to erode Thursday with block prices falling 2 cents per pound, while barrel markets led the market lower with a 3.25 cent per pound reduction. Milk futures remain lightly traded through the morning, although November futures are holding the most aggressive losses, trading below $22 per cwt with a 46 cent per cwt loss at midday. A close at or near these levels could weaken short-term support in the market. Despite volatility in outside markets, overall trade in the dairy complex is expected to remain extremely thin, not only on Thursday but through the rest of the week.
