Tuesday Midday Dairy Market Summary - Milk Futures Turn Higher Despite Cash Weakness

OUTSIDE MARKETS SUMMARY:

CORN:	5 Lower
SOYBEANS:	17 Lower
SOYBEAN MEAL:	$0.90 Lower
LIVE CATTLE:	$1.07 Higher
DOW JONES:	76 Points Higher
NASDAQ:	205 Points Higher
CRUDE OIL:	$3.64 Lower

MIDDAY MARKET UPDATE:

Cheese still has not reached a bottom with further weakness today. The block cheese price declined 2 cents closing at $1.9275 with two loads traded. The barrel cheese price declined 5.25 cents closing at $1.88 with three loads traded. The positive aspect is that some trades in barrels took place, and two unfilled bids remained at the close. Maybe the market has found a level at which buyers may take advantage of the lower prices. The dry whey price declined by 0.50 cents closing at 60 cents with one load traded. Class III futures posted double-digit losses throughout the morning but are unchanged to 14 cents higher. The butter price declined 3.50 cents closing at $2.6775 with six loads traded. Grade A nonfat dry milk remained unchanged at $1.3550 with no loads traded. Class IV futures are 1 to 2 cents lower on light trading activity. Butter futures are 3.47 cents lower to 0.02 cent higher. Dry whey futures are steady to 0.50 cent higher.