OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Higher |
| SOYBEANS: | 2 Higher |
| SOYBEAN MEAL: | $2.30 Higher |
| LIVE CATTLE: | $0.50 Higher |
| DOW JONES: | 114 Points Lower |
| NASDAQ: | 49 Points Lower |
| CRUDE OIL: | $0.20 Higher |
MIDDAY MARKET UPDATE:
The block cheese price gained 0.25 cent, closing at $1.90 with 11 loads traded. The price initially declined 1.25 cents before more aggressive buying brought it back up off the low. There were two unfilled bids and three uncovered offers remaining at the close. The barrel price declined 2.00 cents, closing at $1.8350 with two loads traded. The dry whey price declined 1.50 cents, closing at 52.50 cents with five loads traded. The decline of barrel and dry whey prices should have kept significant pressure on Class III futures, but current contracts are mixed, ranging from 15 cents lower to 11 cents higher. The butter price remained unchanged with no loads traded. Buyers are comfortable with the current price, with bids and offers placed during spot trading, but had no interest or need to move those prices. Grade A nonfat dry milk slipped 0.50 cent, closing at $1.2250 with two loads traded. Class IV futures showed trading activity in the March contract with the price up 2 cents. Butter futures are 0.17 cent lower to 0.25 cent higher. Dry whey futures are 0.50 to 1.47 cents lower. The Global Dairy Trade Auction trade-weighted average decreased 0.9% from the previous event.
