OUTSIDE MARKETS SUMMARY:
| CORN: | 8 Higher |
| SOYBEANS: | 38 Higher |
| SOYBEAN MEAL: | $17.40 Higher |
| LIVE CATTLE: | $0.70 Lower |
| DOW JONES: | 427 Points Lower |
| NASDAQ: | 211 Points Lower |
| CRUDE OIL: | $0.45 Higher |
MIDDAY MARKET UPDATE:
Block cheese price remained unchanged at $1.99 with no loads traded. Barrel cheese price declined 2 cents, closing at $1.9350 with no loads traded. Dry whey price remained steady at 81 cents with no loads traded. The weakness of barrels put pressure on close month futures. March through June Class III contracts are 4 to 40 cents lower. July and later are 3 to 28 cents higher. Butter price slipped a penny, closing at $2.64 with five loads traded. Grade A nonfat dry milk price increased a penny closing at $1.86 with 12 loads traded. Class IV futures are 11 cents lower to 22 cents higher. Butter futures are 0.37 to 4.42 cents higher even though butter price weakened. Dry whey futures are 0.50 to 1.97 cents lower. I estimate January milk production to be unchanged with a year ago. I estimate cow numbers to be down 4,000 head from December with milk production per cow to be higher than a year ago.
