OUTSIDE MARKETS SUMMARY:
| CORN: | 12 Lower |
| SOYBEANS: | 6 Lower |
| SOYBEAN MEAL: | $1.40 Lower |
| LIVE CATTLE: | $0.25 Higher |
| DOW JONES: | 164 Points Lower |
| NASDAQ: | 40 Points Lower |
| CRUDE OIL: | $1.40 Higher |
MIDDAY MARKET UPDATE:
Block cheese price declined a penny to $1.95 with no loads traded. Barrel cheese price declined 3.25 cents closing at $1.5675 with eight loads traded. Buyers held back as they see no need to be concerned over a tightening milk supply. Culling certainly is not trending higher as seen on the milk production report yesterday. The January Livestock Slaughter report will be released today which should show lower dairy cattle slaughter for the month. Dry whey price increase 0.25 cent closing at 46.25 with three loads traded. Class III futures are 17 cents lower to a penny higher with February showing the only gain as it is impacted very little by the movement of cash due to the contract ending on Tuesday. Butter price remained steady at $2.38 with no loads traded. Grade A nonfat dry milk price remained steady at $1.2150 with six loads traded. Class IV futures are 2-12 cents lower. Butter futures are 0.15-2.10 cents lower. Dry whey futures are 0.12 cent lower to 0.75 cent higher.
