Monday Midday Dairy Market Summary - Cheese, Butter Extend Gains

OUTSIDE MARKETS SUMMARY:

CORN:	5 Lower
SOYBEANS:	12 Lower
SOYBEAN MEAL:	$3.20 Lower
LIVE CATTLE:	$1.30 Higher
DOW JONES:	295 Points Higher
NASDAQ:	6 Points Higher
CRUDE OIL:	$0.35 Higher

MIDDAY MARKET UPDATE:

Block cheese price increased 2 cents, closing at $2.03 with two loads traded. Barrel cheese price increased a penny to $1.98560 with seven loads traded. Barrels initially moved up to $1.99 before slipping back. Dry whey declined 2.25 cents, closing at 44.50 cents with two loads traded. Class III futures are mixed, ranging from 17 cents lower to 10 cents higher. At one point January, February, and March contracts were above $20.00, but they are significantly below that level currently. Butter price jumped 9.75 cents, closing at $2.87 with four loads traded. This has been the third consecutive day of a significant rebound. Grade A nonfat dry milk price declined 1.50 cents, ending at $1.3850 with three loads traded. Class IV futures have not yet traded with bids and offers quite a bit apart. Butter futures are 2.75 to 5.50 cents higher. Dry whey futures are 0.50 to 1.25 cents higher.