OUTSIDE MARKETS SUMMARY:
| CORN: | 9 Lower |
| SOYBEANS: | 28 Lower |
| SOYBEAN MEAL: | $3.30 Lower |
| LIVE CATTLE: | $0.95 Lower |
| DOW JONES: | 175 Points Lower |
| NASDAQ: | 115 Points Lower |
| CRUDE OIL: | $2.38 Lower |
MIDDAY MARKET UPDATE:
Cheese prices plummeted, turning the optimism for the new year rather sour. Hopefully, this will be temporary as buyers may not have been fully focused on the market. Block cheese price fell 13.75 cents, closing at $1.9975 with one load traded. Barrel cheese prices declined 11.25 cents, closing at $1.7450 with two loads traded. There was an offer for a load of blocks and two offers for barrels remaining at the close. It seems buyers have just stepped back away from the market. Dry whey price remained unchanged at 41.50 cents with no loads traded. Class III futures are 43 cents lower to 4 cents higher with the only gain being in the July contract. Butter price remained steady at $2.38 with no loads traded and no buyers or sellers showing up to do any business. Grade A nonfat dry milk price declined 1.25 cents, closing at $1.3225 with one load traded. Class IV futures are steady to 25 cents lower. Butter futures are 0.50 to 2.47 cents lower. Dry whey futures are 0.50 to 0.80 cent lower.
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