| CORN: | 2 Higher |
| SOYBEANS: | 15 Lower |
| SOYBEAN MEAL: | $0.90 Lower |
| LIVE CATTLE: | $2.02 Lower |
| DOW JONES: | 672 Points Lower |
| NASDAQ: | 342 Points Lower |
| CRUDE OIL: | $1.79 Lower |
Block cheese price declined 1.25 cents, closing at $1.7950 with one load traded. Price initially gained 1.75 cents before a load was traded. After that load was traded, two offers pushed price lower into the close with no further buyer interest. Barrel cheese price declined 3.75 cents, closing at $1.7750 with three loads traded. Class III futures initially held but succumbed to more aggressive selling after spot trading. Class III futures are 27 cents lower to 15 cents higher. Contracts through August are under pressure while September and later contract are steady to higher. Butter price fell 8.75 cents, closing at $2.8475 with no loads traded. Butter may follow the direction of cheese. Grade A nonfat dry milk price slipped 0.25 cent, closing at $1.8125 with two loads traded. Dry whey price remained unchanged at 80 cents. Class IV futures are 23 cents lower to 20 cents higher. Butter futures are 2.95 cents lower to 1.75 cents higher. Dry whey futures are unchanged for the day. USDA will release the December Milk Production report. I estimate milk production to show a decline of 0.6% from a year ago with cow number down 6,000 head from November. The December Cold Storage report will also be released at the same time.
