OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Lower |
| SOYBEANS: | 1 Higher |
| SOYBEAN MEAL: | $3.80 Higher |
| LIVE CATTLE: | $2.35 Lower |
| DOW JONES: | 208 Points Lower |
| NASDAQ: | 67 Points Higher |
| CRUDE OIL: | $1.53 Lower |
MIDDAY MARKET UPDATE:
Both block and barrel cheese prices remain unchanged at $1.3650 and $1.4525, respectively. There were two loads of blocks traded and none of barrels. The dry whey price increased 0.75 cent to close at 78.75 with no loads traded. Class III futures are mixed, from 5 cents lower to 5 cents higher. The butter price decreased 2.00 cents to close at $1.3400 with 14 loads traded. There were six unfilled bids and 18 uncovered offers remaining at the close of spot trading. Grade A nonfat dry milk increased 3.25 cents to close at $2.1250 with six loads traded. This is the highest price since June 3 and has nearly regained the entire losses since early May. Class IV futures are 5 to 19 cents higher. Butter futures are 4.05 cents to 2.25 cents higher. Dry whey futures are 0.20 to 0.45 cent higher. Cheese futures are steady to 0.60 cent lower. Nonfat dry milk futures are 0.72 to 1.52 cents higher. The August Milk Production report will be released this afternoon. I estimate milk production to be 1.6% above a year ago and cow numbers down 4,000 head from July.
