OUTSIDE MARKETS SUMMARY:
| CORN: | 13 Higher |
| SOYBEANS: | 29 Higher |
| SOYBEAN MEAL: | $8.70 Higher |
| LIVE CATTLE: | $0.47 Higher |
| DOW JONES: | 287 Points Higher |
| NASDAQ: | 230 Points Higher |
| CRUDE OIL: | $0.26 Higher |
MIDDAY MARKET UPDATE:
Block cheese price remain unchanged at $1.90 with no loads traded. Again, there were no buyers are sellers showing up to do any business. Barrel cheese price declined 3.25 cents, closing at $1.8575 with one load traded with no unfilled bids are uncovered offers remaining at the close. Dry whey price declined 4 cents closing at 82.75 cents with four loads traded. This is the first decline of dry whey price since Dec. 21, 2021. This initially kept some pressure on Class III futures but is seems as if traders put some emphasis on the World Agricultural Supply and Demand report. USDA reduced milk production from their January estimate and increased estimated milk prices substantially from the January estimate. This may have been the overriding factor causing the strength in Class IIII futures. Butter price increased 2.50 cents closing at $2.5325 with no loads traded. Grade A nonfat dry milk price increased 2.25 cents, closing at $1.8650. This is the highest price since April 17, 2014. It makes sense Class IV futures are steady to 39 cents higher, but it does not make sense Class III futures are 2 to 48 cents higher. Butter futures are 0.50 to 6.05 cents higher. Dry whey futures are 0.75 to 2.45 cents lower.
