OUTSIDE MARKETS SUMMARY:
| CORN: | 9 Lower |
| SOYBEANS: | 30 Lower |
| SOYBEAN MEAL: | $5.70 Lower |
| LIVE CATTLE: | $2.00 Higher |
| DOW JONES: | 818 Points Lower |
| NASDAQ: | 242 Points Lower |
| CRUDE OIL: | $5.38 Higher |
MIDDAY MARKET UPDATE:
The block cheese price declined 1.00 cent to close at $1.5450 with 13 loads traded. The barrel cheese price declined 2.50 cents to close at $1.5525 with no loads traded. The dry whey price increased 1.50 cents with 3 loads traded. So far, this has had little impact on Class III futures, with contracts ranging from 7 cents lower to 2 cents higher. The butter price increased 1.00 cent to close at $1.3900 with 78 loads traded. The price initially increased 3.75 cents before slipping back. No unfilled bids and no uncovered offers were remaining at the close of spot trading. All of the uncovered offers from Tuesday were absorbed. This puts the butter market in a better position for upside price potential. Grade A nonfat dry milk increased 2.75 cents to close at $1.4475 with 26 loads traded. There were no unfilled bids or uncovered offers remaining at the close. Class IV futures are 25 cents lower to 13 cents higher. Butter futures are 0.02 lower to 0.75 cent higher. Dry whey futures are unchanged to 0.30 cent higher. Cheese futures are 1.20 cents lower to 0.20 cent higher. Nonfat dry milk futures are 0.95 -- 1.82 cents higher.
