OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Lower |
| SOYBEANS: | 10 Lower |
| SOYBEAN MEAL: | $7.30 Lower |
| LIVE CATTLE: | $1.27 Lower |
| DOW JONES: | 68 Points Lower |
| NASDAQ: | 21 Points Higher |
| CRUDE OIL: | $1.15 Lower |
MIDDAY MARKET UPDATE:
Block cheese price slipped 0.50 cent, closing at $1.76 with three loads traded. Barrel cheese price increased 1.50 cents, closing at $1.53 with 26 loads traded. There were seven unfilled bids for barrels remaining at the close with one uncovered offer. Barrel price has a long way to bounce to even get closer to blocks, but buyers purchased nearly all that was offered, giving the impression that the market may have found support. Dry whey price increased 0.50 cent, closing at 38.25 cents with four loads traded. Class III futures have not responded to strength with contracts remaining mixed from 13 cents lower to 15 cents higher. Buter price increased 3.25 cents, closing at $2.4025 with two loads traded. Grade A nonfat dry milk gained 3 cents, closing at $1.16 with two loads traded. Class IV futures have not yet traded. Butter futures are 0.80 to 2.00 cents higher. Dry whey futures are steady to 0.10 cent higher. The March Milk Production report will be released Wednesday. I estimate milk production up 0.8% from a year with milk production per cow to be single digits higher. I estimate cow numbers to be near steady with February.
