OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Lower |
| SOYBEANS: | 10 Higher |
| SOYBEAN MEAL: | $4.20 Higher |
| LIVE CATTLE: | $0.25 Lower |
| DOW JONES: | 78 Points Lower |
| NASDAQ: | 76 Points Lower |
| CRUDE OIL: | $0.45 Higher |
MIDDAY MARKET UPDATE:
Block cheese price 7 cents ending at $1.9175 with two loads traded. Price initially fell to $1.90 before a buyer became more aggressive bringing price off the low. There was an unfilled bid remaining at the close below the market. Barrel cheese price declined 9.25 cents closing at $1.5725 with three loads traded and an uncovered offer remaining at the close. Dry whey price increased 0.50 cents ending at 33 cents with no loads traded. Class III futures are 40 cents lower to one cent higher. The only gain is in front-month January, as the market is mostly price and traders just move price relative to the weekly AMS report which will be released this afternoon. Butter price remained unchanged at $2.2675 with no loads traded. Grade A nonfat dry milk price slipped 0.25 cent closing at $1.1650. Price initially traded at $.1550 before buying interest increased. There were eight loads traded. Class IV futures have not yet traded with wide bid and offers. Butter futures are 0.97 cents lower to 0.50 cents higher. Dry whey futures are unchanged to 0.25 cents lower. USDA will release the December Milk Production and Cold Storage reports today. I estimate milk production to be up 1.2% from a year ago with cow numbers up 2,000 head from last month. Production per cow is expected to remain strong.
