OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Higher |
| SOYBEANS: | 1 Higher |
| SOYBEAN MEAL: | $2.00 Higher |
| LIVE CATTLE: | $2.20 Higher |
| DOW JONES: | 433 Points Lower |
| NASDAQ: | 435 Points Lower |
| CRUDE OIL: | $1.12 Higher |
MIDDAY MARKET UPDATE:
The block cheese price increased by 2.50 cents, closing at $1.8250 with no loads traded and three unfiled bids remaining at the close of spot trading. This would suggest that further upside potential is possible. The barrel cheese price decreased by 2.50 cents, closing at $1.8750 with one load traded. There was one unfilled bid and one uncovered offer remaining. The dry whey price remained unchanged at 47.50 cents with two loads traded and no unfilled bids or uncovered offers remaining. Class III futures are under pressure in the May through October contracts, with prices ranging from 5-20 cents lower. The January contract traded 24 cents higher, and the March contract is 5 cents higher. The butter price decreased a penny, closing at $2.34 with eight loads traded. Grade A nonfat dry milk remained unchanged at $1.1675 with no loads traded. Class IV futures are 3-15 cents higher. Butter futures are 1.42 cents lower to 0.50 cent higher. Dry whey futures are 0.75 cent lower to 0.12 cent higher.
