OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Lower |
| SOYBEANS: | 9 Lower |
| SOYBEAN MEAL: | $5.70 Lower |
| LIVE CATTLE: | $0.12 Higher |
| DOW JONES: | 90 Points Higher |
| NASDAQ: | 63 Points Higher |
| CRUDE OIL: | $2.37 Lower |
MIDDAY MARKET UPDATE:
Block cheese price held steady at $1.96 with two loads traded. Barrel cheese price increased 1.75 cents, closing at $1.60 with 13 loads traded. There have been quite a few loads of barrels changing hands over the past 1 1/2 weeks. During the first two days of trading this week, there have been 22 loads traded. Unfortunately, there has not been much more price strength. Sellers want to continue to move product with buyers able to obtain it without chasing price higher. Dry whey price gained a penny, closing at 46 cents with one load traded. Class III futures are 17 cents lower to 10 cents higher. Contracts in the first half of the year are under pressure while contracts in the second half of the year are higher. Butter price remained unchanged at $2.38 with no loads traded. Grade A nonfat dry milk declined 0.50 cent, closing at $1.2150 with three loads traded. Class IV futures are 10 cents higher with trades only taking place in the fourth quarter of the year. Butter futures are 0.97 to 3.90 cents higher. Dry whey futures are unchanged to 0.02 cent higher. USDA will release the January Milk Production report Wednesday afternoon. I estimate milk production to be up 0.5% from a year ago with cow numbers down 3,000 head from December.
