OUTSIDE MARKETS SUMMARY:
| CORN: | 15 Lower |
| SOYBEANS: | 21 Higher |
| SOYBEAN MEAL: | $16.90 Higher |
| LIVE CATTLE: | $1.70 Higher |
| DOW JONES: | 251 Points Higher |
| NASDAQ: | 143 Points Higher |
| CRUDE OIL: | $6.87 Higher |
MIDDAY MARKET UPDATE:
Block cheese price increased 6 cents, closing at $2.2225, with three loads traded. Barrel cheese price increased 4.25 cents, closing at $2.07, with six loads traded. Dry whey remained unchanged with no loads traded. Class III futures were substantially higher prior to spot trading and gained more after spot trading with contracts 8-47 cents higher. Only front-month March shows a single-digit gain. Butter price increased 4.25 cents, closing at $2.7650, with four loads traded. Grade A nonfat dry milk price slipped 0.75 cent, closing at $1.8550, with six loads traded. Class IV futures are 6-12 cents higher. Butter futures are 1.97-4.95 cents higher. Dry whey futures are 0.30 cent to 2 cents higher. Corn futures are under pressure with contracts posting double-digit losses. This is surprising due to the scheduled release of the World Agricultural Supply and Demand report Wednesday. But corn is likely being pressured by the substantial drop in wheat of over $1 per bushel.
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