OUTSIDE MARKETS SUMMARY:
| CORN: | 20 Higher |
| SOYBEANS: | 30 Higher |
| SOYBEAN MEAL: | $5.20 Higher |
| LIVE CATTLE: | $0.22 Lower |
| DOW JONES: | 375 Points Lower |
| NASDAQ: | 194 Points Lower |
| CRUDE OIL: | $5.29 Higher |
MIDDAY MARKET UPDATE:
Block cheese price increased 0.75 cent, closing at $2.1375 with no loads traded. Barrel cheese price increased 4 cents, closing at $2.07 with one load traded. There was an unfilled bid for a load of blocks and two loads of barrels. Butter prices increased 5.25 cents, closing at $2.7725 with four loads traded. Grade A nonfat dry milk remained unchanged at $1.86. Dry whey price slipped 0.50 cent, closing at 75.50 cents. Class III futures are 2 cents lower to 46 cents higher. Front-month March is the only contract with a lower price. Class IV futures are 5 to 32 cents higher. Butter futures are 1.02 to 5.57 cents higher. Dry whey futures are 0.05 cent lower to 0.67 cent higher. USDA will release the February Milk Production report this afternoon. I estimate milk production to be 1.1% below a year ago with cow numbers down 2,000 head from January.
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