OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Lower |
| SOYBEANS: | 11 Lower |
| SOYBEAN MEAL: | $1.40 Higher |
| LIVE CATTLE: | $0.75 Lower |
| DOW JONES: | 87 Points Lower |
| NASDAQ: | 140 Points Lower |
| CRUDE OIL: | $1.06 Higher |
MIDDAY MARKET UPDATE:
Both block and barrel cheese prices remained unchanged with no loads traded. The dry whey price increased 0.50 cent to close at 69.75 cents with no loads traded. Traders focused on the inability of cheese prices to post further gains rather than the increase in the dry whey price. Class III futures are 5-35 cents lower. The butter price declined 2.75 cents to close at $1.4700 with 38 loads traded. The uncovered offers remain plentiful with 38 offers remaining at the close of spot trading. However, the number seems to be diminishing over the past two days, but that may not mean much as butter continues to be produced and will be offered to the market. Grade A nonfat dry milk increased 2.00 cents to close at $1.6000 with 15 loads traded. Class IV futures have not yet traded. Butter futures are 4.30 cents lower to 1.00 cent higher. Dry whey futures are 0.02 -- 0.62 cent lower. Cheese futures are steady to 3.10 cents lower. Nonfat dry milk futures are 0.40 -- 1.82 cents higher.
