OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Higher |
| SOYBEANS: | 15 Higher |
| SOYBEAN MEAL: | $2.70 Higher |
| LIVE CATTLE: | $0.02 Lower |
| DOW JONES: | 344 Points Lower |
| NASDAQ: | 491 Points Lower |
| CRUDE OIL: | $1.83 Lower |
MIDDAY MARKET UPDATE:
What was mentioned in Friday morning's comments as a possibility has come to fruition. Overnight futures were lower and turned higher as spot prices increased. The pattern for over a week was that overnight contracts were higher and then turned lower during the day. There is no science to this, and it was just a hunch, but it did take place and is welcomed. The block cheese price increased 3.50 cents, closing at $1.6925 with four loads traded. The barrel cheese price increased 1.25 cents closing at $1.6850 with one load traded. There was an unfilled bid in each category with an uncovered offer in each remining at the close. The dry whey price remained unchanged at 65.50 cents with no loads traded. Class III futures are 18 cents lower to 37 cents higher. The butter price increased 3 cents, closing at $2.63 with four loads traded. Nonfat dry milk slipped 0.50 cent closing at $1.40 with nine loads traded. Class IV futures are steady in the January contract, which is the only one traded so far. Butter futures are 1.67 cents lower to 4.97 cents higher. Dry whey futures are 0.67 cent lower to 0.02 cent higher.
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