OUTSIDE MARKETS SUMMARY:
| CORN: | Unchanged |
| SOYBEANS: | 3 Lower |
| SOYBEAN MEAL: | $1.10 Lower |
| LIVE CATTLE: | $1.72 Higher |
| DOW JONES: | 103 Points Lower |
| NASDAQ: | 461 Points Lower |
| CRUDE OIL: | $3.10 Lower |
MIDDAY MARKET UPDATE:
Both block and barrel cheese prices remained unchanged at $1.4850 and $1.4800 respectively. There were no loads traded. Blocks had 3 unfilled bids and 12 uncovered offers remaining at the close. The dry whey price increased 0.75 cent, closing at 67.75 cents with no loads traded. However, Class III futures are under pressure with prices ranging from 7 to 12 cents lower. The butter price declined 2.50 cents to close at $1.6750 with 19 loads traded. There was one unfilled bid and 34 uncovered offers remaining at the close of spot trading. Grade A nonfat dry milk fell 10.25 cents to close at $1.8975 with 7 loads traded. This is the lowest price since March 23rd. Class IV futures have only traded in 2 contract months. July is 87 cents lower, with August 51 cents lower. Butter futures are 0.22 to 6.25 cents lower. Dry whey futures are steady to 1.00 cent lower. Cheese futures are 0.30 -- 1.00 cents lower.
