OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Lower |
| SOYBEANS: | 18 Lower |
| SOYBEAN MEAL: | $1.10 Higher |
| LIVE CATTLE: | $2.30 Lower |
| DOW JONES: | 1,340 Points Lower |
| NASDAQ: | 899 Points Lower |
| CRUDE OIL: | $4.90 Lower |
MIDDAY MARKET UPDATE:
The block cheese price declined 3.50 cents, closing at $1.63 with four loads traded. The barrel cheese price declined 3.75 cents, closing at $1.66 with three loads traded. The pattern remained intact with only two days of price increases before pressure was put on the market. Traders had anticipated that cheese prices might not increase further with futures under pressure before spot trading. The weakness was confirmed with the drop in cheese prices. The dry whey price increased by 0.25 cent and was the only bright spot during spot trading. The price closed at 49.25 cents with two loads traded. Class III futures are 14 to 39 cents lower with the April, May and June contracts below $17.00. The butter price declined 1.00 cents, closing at $2.33 with nine loads traded. Grade A nonfat dry milk declined 0.50 cent, closing at $1.1675 with six loads traded. Class IV futures have only had trading activity in the June contract, and that was 7 cents lower. Butter futures 0.05 to 3.17 cents lower. Dry whey futures are 0.47 to 2.05 cents lower.
