OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Lower |
| SOYBEANS: | 8 Lower |
| SOYBEAN MEAL: | $3.10 Lower |
| LIVE CATTLE: | $1.40 Higher |
| DOW JONES: | 126 Points Lower |
| NASDAQ: | 19 Points Lower |
| CRUDE OIL: | $1.07 Higher |
MIDDAY MARKET UPDATE:
The block cheese price remained unchanged at $1.6675 with 13 loads traded. The buyers who placed bids on Monday and did not raise those bids purchased today to get business done. They paid more but did not push the market higher. Sellers were willing to move cheese at Monday's price rather than hold back to see if buyers would be more aggressive. This does not bode well for upside price potential. The barrel cheese price increased a penny, closing at $1.6350 with no loads traded. The dry whey price remained unchanged at 54.00 cents with no loads traded. Class III futures are 31 cents lower to 9 cents higher. The butter price increased 0.25 cent, closing at $2.5025 with three loads traded. Grade A nonfat dry milk decreased 0.75 cent, closing at $1.2850 with two loads traded. Class IV futures have only had the April contract traded at no change in price. Butter futures are 1.25 cents lower to 0.75 cent higher. Dry whey futures are 0.52 cent lower to 0.35 cent higher.
