OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Higher |
| SOYBEANS: | 2 Lower |
| SOYBEAN MEAL: | $1.60 Lower |
| LIVE CATTLE: | $0.42 Higher |
| DOW JONES: | 575 Points Lower |
| NASDAQ: | 99 Points Lower |
| CRUDE OIL: | $4.78 Lower |
MIDDAY MARKET UPDATE:
Block cheese price increased 3.50 cents, closing at $1.96 with three loads traded. Barrel cheese price increased 4.75 cents, closing at $1.8875 with four loads traded. The was an unfilled bid and uncovered offer remaining in each category. Dry whey price increased 1.25 cents, closing at 45 cents with no loads traded. Class III futures are 11 cents lower to 13 cents higher. April shows the greatest volume with over 1,200 contracts traded so far Wednesday. It has been a long time since one contract month has traded over 1,000 contracts. Even with continued strength, traders are reluctant to buy into the market fearing the price may retrace. Butter price remained steady at $2.38 with no loads traded. Grade A nonfat dry milk price slipped 0.50 cent, closing at $1.18. Class IV futures show trade only in the May contract at 9 cents lower. Butter futures have only traded in the March contract, which has had a surprising jump of 3.62 cents as a market order must have been placed. The bid and offer are much below that level, rendering the gain an aberration. Dry whey futures are 0.40 to 0.60 cent higher.
