OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Higher |
| SOYBEANS: | 16 Lower |
| SOYBEAN MEAL: | $2.10 Lower |
| LIVE CATTLE: | $0.02 Higher |
| DOW JONES: | 188 Points Lower |
| NASDAQ: | 6 Points Higher |
| CRUDE OIL: | $1.88 Lower |
MIDDAY MARKET UPDATE:
The block cheese price gained 1.25 cents closing at $1.92 with one load traded. The barrel cheese price gained a penny closing at $1.8275 with no load traded. The dry whey price remained unchanged at 56.75 with no loads traded. Traders were bearish before spot trading and the strength of cheese did not eliminate that idea. Class III futures are off their lows but still post losses of 1 to 14 cents in the February through May contracts. Later contracts are 1 to 7 cents higher with trading activity only through July. Trading activity is very light. The butter price declined 2.50 cents eliminating half of Tuesday's gain. The price closed spot trading at $2.4050 with 31 loads traded. Buyers and sellers were willing to do business at this price level. Grade A nonfat dry milk remained unchanged at $1.30 with no loads traded. Class IV futures have not yet been traded. Butter futures are 1.10 to 3.50 cents lower. Dry whey futures are 0.72 cent lower to 0.92 cent higher.
