OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Lower |
| SOYBEANS: | 4 Higher |
| SOYBEAN MEAL: | $3.90 Lower |
| LIVE CATTLE: | $3.37 Higher |
| DOW JONES: | 524 Points Lower |
| NASDAQ: | 20 Points Lower |
| CRUDE OIL: | $0.62 Higher |
MIDDAY MARKET UPDATE:
The block cheese prices slipped 0.25 cent to close at $1.4625 with no loads traded. The barrel cheese price remained steady at $1.5325 with no loads traded. The dry whey price remained steady at 75.25 cents with no loads traded. Class III futures are 2-23 cents lower, with November showing the greatest loss. The butter price declined 3.75 cents to close at $1.4025 with 13 loads traded. There were eight unfilled bids and 65 uncovered offers remaining at the close. It will be difficult to see much upside price potential in butter due to the volume of butter available to the market. Grade A nonfat dry milk increased 1.25 cents to close at $1.8925 with three loads traded. Traders are focusing more on the weakness of butter rather than the strength of nonfat dry milk. Class IV futures are 3-12 cents lower. Butter futures are 0.50 -- 3.00 cents lower. Dry whey futures are 0.50 -- 0.75 cent lower. Cheese futures are 0.10 -- 1.80 cents lower. Nonfat dry milk futures are 0.25 -- 1.05 cents higher.
