OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Lower |
| SOYBEANS: | 6 Lower |
| SOYBEAN MEAL: | $0.50 Lower |
| LIVE CATTLE: | $1.27 Higher |
| DOW JONES: | 225 Points Lower |
| NASDAQ: | 97 Points Lower |
| CRUDE OIL: | $1.23 Lower |
MIDDAY MARKET UPDATE:
The block cheese price increased 2.25 cents, closing at $1.76 with four loads traded. The barrel cheese price remained unchanged at $1.74 with no loads traded. The dry whey price remained unchanged at 63.00 cents with no loads traded. Class III futures are 5 to 23 cents lower, influenced by the weakness of butter. Historically, the butter price has led the direction of cheese over time. The pattern has not been prominent over the recent years but may be having an influence now. The butter price decreased 4.75 cents, closing at $1.6025 with seven loads traded. This is a new low for the year. Grade A nonfat dry milk decreased 1.50 cents to close at $1.1350 with one load traded. This is a new low for the year. Class IV futures are 16 to 35 cents lower. Butter futures are 3.30 to 7.50 cents lower. Dry whey futures are 0.02 cent lower to 0.35 cent higher. Cheese futures are 0.80 to 2.20 cents lower.
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