OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Lower |
| SOYBEANS: | 4 Higher |
| SOYBEAN MEAL: | $0.90 Lower |
| LIVE CATTLE: | $1.55 Higher |
| DOW JONES: | 383 Points Higher |
| NASDAQ: | 46 Points Higher |
| CRUDE OIL: | $0.21 Lower |
MIDDAY MARKET UPDATE:
Both blocks and barrels remained unchanged at $1.6425 and $1.66, respectively. No loads were traded with limited interest in doing business. The dry whey price declined a penny, closing at 53.75 cents with no loads traded. Class III futures were under substantial pressure before spot trading and have seen further weakness after trading concluded. Class III futures are steady to 60 cents lower. The butter price declined 5.75 cents, closing at $2.42 with three loads traded. This is the lowest price in two months. Grade A nonfat dry milk declined 2.25 cents, closing at $1.28 with four loads traded. Class IV futures have only had activity in the October contract with the price down 40 cents. Butter futures are down 0.50 to 6.72 cents. Dry whey futures are steady to 1.50 cents lower. There may be a limit to the weakness of milk futures if underlying cash prices are able to hold at the current levels. The June Milk Production report has increased the bearishness of the market.
