OUTSIDE MARKETS SUMMARY:
| CORN: | 13 Lower |
| SOYBEANS: | 25 Lower |
| SOYBEAN MEAL: | $9.50 Lower |
| LIVE CATTLE: | $2.50 Higher |
| DOW JONES: | 113 Points Lower |
| NASDAQ: | 73 Points Higher |
| CRUDE OIL: | $1.42 Higher |
MIDDAY MARKET UPDATE:
Both block and barrel cheese prices remained unchanged at $1.91 and $1.59, respectively. No buyers are sellers showed up to do any business. Dry whey price slipped 0.75 cent, closing at 45.75 with one load traded. Class III futures have shown some surprising volatility with current contracts six cents lower to 20 cents higher. Butter price remained unchanged at $2.34 with one load traded and an uncovered offer a penny higher at the close. Grade A nonfat dry milk price declined 2 cents, ending at $1.18 with two loads traded. This will put further pressure on Class IV futures. Currently only the March contract has traded down 15 cents. Butter futures are 0.25 to 3.77 cents lower. Dry whey futures are 0.15 to 0.85 cent lower. USDA will release the January Agricultural Prices report today, providing average prices used in the calculation of income over feed for the Dairy Margin Coverage program. It is expected that income over feed with be below the $9.50 level at which payment will be rendered if that was the level chosen at sign-up.
