OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Lower |
| SOYBEANS: | 16 Lower |
| SOYBEAN MEAL: | $3.10 Lower |
| LIVE CATTLE: | $0.05 Lower |
| DOW JONES: | 295 Points Lower |
| NASDAQ: | 181 Points Lower |
| CRUDE OIL: | $1.81 Lower |
MIDDAY MARKET UPDATE:
Block cheese price declined 1.75 cents, closing at $1.6625 with one load traded. Barrel cheese price declined 5.50 cents, closing at $1.4750 with 15 loads traded. There were 16 offers for barrels remaining at the close with one unfilled bid. Even with lower price, sellers keep coming to the market. Dry whey price remained unchanged at 33.25 with no loads traded. Class III futures are steady to 31 cents lower with June showing the greatest loss. Butter price remained unchanged at $2.40 with no loads traded. Grade A nonfat dry milk price remained unchanged at $1.1650 with no loads traded. Class IV futures have not yet traded. Butter futures are unchanged to 2.45 cents lower. Dry whey futures are 0.95 to 2.50 cents lower. The March Cold Storage report will be released Tuesday afternoon. I estimate American cheese stocks should show an increase. Butter stocks should increase similar to what they have been over the past few months.
