OUTSIDE MARKETS SUMMARY:
| CORN: | 9 Higher |
| SOYBEANS: | 10 Higher |
| SOYBEAN MEAL: | $4.60 Higher |
| LIVE CATTLE: | $2.35 Lower |
| DOW JONES: | 441 Points Higher |
| NASDAQ: | 159 Points Lower |
| CRUDE OIL: | $2.05 Lower |
MIDDAY MARKET UPDATE:
The block cheese price remained steady at $1.5275 with 12 loads traded. The barrel cheese price increased 1.00 cent to close at $1.5750 with no loads traded. The dry whey price remained unchanged at 70.25 with no loads traded. Class III futures have shown volatility, with the September and October contracts showing a price swing of about 50 cents. Futures contracts are 1--17 cents lower. Trading volume is substantial, with September and October nearly 1000 contracts traded. The butter price declined 1.75 cents to close at $1.4450 with 16 loads traded. There were only 4 uncovered offers remaining at the close of spot trading. Grade A nonfat dry milk declined 2.50 cents to close at $1.7750 with 2 loads traded. Class IV futures have not yet traded. Butter futures are 1.17 cents lower to 0.50 cent higher. Dry whey futures are 0.75 cent lower. Cheese futures are 0.20 -- 1.90 cents lower. Nonfat dry milk futures are 3.65 -- 4.00 cents lower. The July Cold Storage report will be released today.
