OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Higher |
| SOYBEANS: | 9 Higher |
| SOYBEAN MEAL: | $0.10 Lower |
| LIVE CATTLE: | $0.72 Higher |
| DOW JONES: | 264 Points Higher |
| NASDAQ: | 174 Points Higher |
| CRUDE OIL: | $0.20 Lower |
MIDDAY MARKET UPDATE:
Block cheese price fell 9.75 cents, closing at $1.9350 with no loads traded. A buyer did show up, placing a bid at $1.91 and did not want to raise that bid. This may be a reason Class III futures have not seen the pressure one would have anticipated with the large decline. Barrel cheese price declined 4.50 cents, closing at $1.9050 with one load traded. There were three uncovered offers remaining at the close. Dry whey slipped 0.25 cent, closing at 44.25 cents with no loads traded. Class III futures have not reacted much to the significant cash weakness with current prices ranging from 13 cents lower to 18 cents higher. Only the April and May contracts show negative prices. It is just another one of those mysteries when futures do not move in relation to underlying cash. Traders seem to be optimistic over a price rebound. Butter price increased 2.75 cents, closing at $2.3975 with six loads traded. Grade A nonfat dry milk price slipped 0.25 cent, closing at $1.1475. However, this moves it to a new low and the lowest it has been since March 19, 2021. Class IV futures have not traded. Butter futures are 1.00-2.00 cents higher. Dry whey futures are steady to 0.20 cent lower.
