OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Higher |
| SOYBEANS: | 7 Higher |
| SOYBEAN MEAL: | $1.70 Higher |
| LIVE CATTLE: | Unchanged |
| DOW JONES: | 139 Points Higher |
| NASDAQ: | 62 Points Lower |
| CRUDE OIL: | $1.24 Lower |
MIDDAY MARKET UPDATE:
Both block and barrel cheese prices remained unchanged during spot trading, with no loads traded in barrels, but 21 loads traded in blocks. The dry whey price remained unchanged at 68.50 cents with no loads traded. Class III futures are 3 -- 26 cents lower in moderate trading activity. The butter price declined 1.75 cents to close at $1.6800 with 22 loads traded. The Grade A nonfat dry milk price fell 9.50 cents to close at $1.5350 with 19 loads traded. This is the lowest price since February 4th. Further weakness is expected in the near term. Class IV futures are 5 -- 25 cents lower. Futures have not been under pressure in relation to the decline in spot prices, as the weakness on Tuesday had much of this already factored in. Butter futures are 1.92 cents lower to 1.97 cents higher. Dry whey futures are 1.00 -- 1.10 cents lower. Nonfat dry milk futures are 2.52 -- 5.02 cents lower. Cheese futures are 2.60 cents lower to 0.50 cent higher.
