OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Higher |
| SOYBEANS: | 7 Lower |
| SOYBEAN MEAL: | $0.90 Higher |
| LIVE CATTLE: | $0.15 Lower |
| DOW JONES: | 126 Points Lower |
| NASDAQ: | 181 Points Lower |
| CRUDE OIL: | $0.33 Lower |
MIDDAY MARKET UPDATE:
The block cheese price increased 0.25 cent closing at $1.7250 with four loads traded. This is the fourth consecutive day of gain. The barrel cheese price increased by 0.50 cent closing at $1.73 with two loads traded. There was an unfilled bid and uncovered offer remaining in each category. The dry whey price remained unchanged at 64 cents with one load traded. Class III futures are 8 to 19 cents higher. The butter price declined 3.25 cents closing at $2.55 with 12 loads traded. This is another new low and the lowest price since Jan. 23. The price is lower than it was at the beginning of the year and at the level it was during the first half of January. Grade A nonfat dry milk remained unchanged at $1.40 with no loads traded. Class IV futures range from 5 cents lower to 5 cents higher. Butter futures are 0.12 -- 2.35 cents lower. Dry whey futures activity has been confined to the January contract at 0.50 cent higher. The USDA will release the October Milk Production report Wednesday afternoon. I estimate milk production to be 0.2% above a year ago with cow numbers up 3,000 head from September. Milk production should have remained strong compared to a year ago.
