OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Lower |
| SOYBEANS: | 2 Lower |
| SOYBEAN MEAL: | $3.40 Lower |
| LIVE CATTLE: | $4.57 Higher |
| DOW JONES: | 66 Points Higher |
| NASDAQ: | 112 Points Lower |
| CRUDE OIL: | $0.28 Lower |
MIDDAY MARKET UPDATE:
The block cheese price increased 1.50 cents, closing at $1.39 with 10 loads traded. Buyers were aggressive with three unfilled bids remaining at the close. The barrel cheese price remained unchanged at 1.40 with no loads traded. Barrels continue to follow the same pattern of no active trading, largely because it has no impact on the milk price calculation. The dry whey price declined a penny, closing at 72.50 cents with two loads traded. Traders focused on the weakness of dry whey rather than the strength of blocks. Class III futures are 21 cents lower to 1 cent higher, with November showing the only gain. The butter price declined 2.50 cents, closing at $1.3750 with 12 loads traded. It was surprising to see 12 unfilled bids remaining at the close. Buyers are willing to purchase, but at lower prices. Grade A nonfat dry milk remained unchanged at $1.1750 with no loads traded. Class IV futures have only traded in the February contract at the unchanged price. Butter futures are 1.00-1.82 cents lower. Dry whey futures are 0.72-1.35 cents lower. Cheese futures are 1.30 cents lower to 0.20 cent higher.
