OUTSIDE MARKETS SUMMARY:
| CORN: | 7 Lower |
| SOYBEANS: | 2 Lower |
| SOYBEAN MEAL: | $3.10 Lower |
| LIVE CATTLE: | $4.37 Lower |
| DOW JONES: | 488 Points Lower |
| NASDAQ: | 63 Points Lower |
| CRUDE OIL: | $3.98 Higher |
MIDDAY MARKET UPDATE:
The block cheese price increased 1.25 cents, closing at $1.63 with nine loads traded. The price initially increased 2.50 cents before more aggressive selling pressure took the price off its high for the day. The barrel cheese price remained unchanged at $1.57 with no loads traded. The dry whey price remained unchanged at 64.00 cents with no loads traded. Class III futures are steady to 15 cents higher. The butter price increased 0.75 cent to close at $2.0175 with 15 loads traded. The price initially increased to $2.03 before slipping back from the high. Grade A nonfat dry milk remained unchanged at $1.68 with no loads traded. Butter futures are 1.25 cents lower to 2.50 cents higher. Dry whey futures are 0.15-0.90 cent higher. Cheese futures are 0.20 cent lower to 0.30 cent higher. The crude oil price fell back substantially from the overnight highs, which put pressure on grain futures. This created substantial price volatility.
