OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Higher |
| SOYBEANS: | 3/4 Lower |
| SOYBEAN MEAL: | $6.80 Higher |
| LIVE CATTLE: | $1.25 Higher |
| DOW JONES: | 181 Points Lower |
| NASDAQ: | 301 Points Higher |
| CRUDE OIL: | $2.83 Higher |
MIDDAY MARKET UPDATE:
The hope that the month of October could bring about a "new leaf" and a sense of market stability in the dairy complex has been unfounded during morning trade. There has been a firm downward pressure seen in milk futures as well as continued price pressure across most cash dairy product markets. October and November Class III milk futures have led the complex lower, moving 24 and 33 cents per cwt lower midmorning Tuesday. The concern that overall price levels have not yet reached support levels is causing many traders to remain very comfortable on the sidelines for the time being. Cheese and butter prices on the daily cash exchange market continue to erode, with butter prices falling an additional 5.5 cents per pound, moving to $2.75 per pound. Block cheese prices led the market lower, falling an additional 4 cents per pound, moving prices to $2.08 a pound. Barrel cheese fell fractionally, slipping just 0.25 cents per pound and holding a strong premium to the block market. There still remains a focus on potential and expected buyer support through the end of the year. Although, given the current buyer interest, the entire dairy market may remain generally soft over the near future.
