OUTSIDE MARKETS SUMMARY:
| CORN: | 11 Higher |
| SOYBEANS: | 29 Higher |
| SOYBEAN MEAL: | $8.70 Higher |
| LIVE CATTLE: | $0.70 Lower |
| DOW JONES: | 122 Points Lower |
| NASDAQ: | 92 Points Lower |
| CRUDE OIL: | $2.78 Higher |
MIDDAY MARKET UPDATE:
Block cheese price initially declined 2 cents before a trade took place, then rebounded to close a penny higher at $2.18 with two loads traded. Barrel cheese price declined 3 cents, closing at $2.16, with three loads traded. Barrels initially declined 4 cents before buying interest brought it up a penny off the lows by the close. Prices moved to a level at which buyers felt comfortable stepping back in. This may keep the market choppy as business is done. Butter price slipped 0.50 cent, closing at $2.7125, with four loads traded. Grade A nonfat dry milk price increased 0.50 cent, closing at $1.8350, with five loads traded. Dry whey price declined 1.25 cents, closing at 67.75, with four loads traded. Class III futures are 22 cents lower to 39 cents higher. Class IV futures are 12 cents lower to 10 cents higher. Butter futures are 0.50 cent to 3.85 cents higher. Dry whey futures are 0.12-0.75 cent higher. USDA will release the March Federal Order prices Wednesday afternoon. Traders anticipated a Class III price of $22.42 and a Class IV price of $24.85.
