OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Higher |
| SOYBEANS: | 3 Lower |
| SOYBEAN MEAL: | $3.80 Lower |
| LIVE CATTLE: | $0.65 Lower |
| DOW JONES: | 209 Points Lower |
| NASDAQ: | 343 Points Lower |
| CRUDE OIL: | $0.75 Higher |
MIDDAY MARKET UPDATE:
There was optimism that the cheese price would find further support today. Class III futures were significantly higher, with the February contract gaining as much as 34 cents before spot trading took place. Both the block and barrel cheese prices remained unchanged at $1.3975 and $1.40, respectively, with no loads traded. The weakness in dry whey put pressure on Class III futures. The dry whey price declined 3.00 cents, closing at 72.00 cents with two loads traded. Class III futures retreated from the highs and are mixed, ranging from 4 cents lower to 15 cents higher. The butter price increased 1.50 cents, closing at $1.4675 with 18 loads traded. Grade A nonfat dry milk slipped 0.50 cent to close at $1.1575 with no loads traded. Class IV futures are 7-12 cents higher. Butter futures are 2.10 cents lower to 0.87 cent higher. Dry whey futures are unchanged to 0.80 cent lower. Cheese futures are 0.90 cent lower to 0.30 cent higher.
