OUTSIDE MARKETS SUMMARY:
| CORN: | 5 Higher |
| SOYBEANS: | 2 Higher |
| SOYBEAN MEAL: | $2.40 Higher |
| LIVE CATTLE: | $0.70 Higher |
| DOW JONES: | 24 Points Higher |
| NASDAQ: | 135 Points Higher |
| CRUDE OIL: | $0.63 Higher |
MIDDAY MARKET UPDATE:
Block cheese price remained unchanged for the second day at $1.50 with no loads traded. No buyers or sellers showed up during spot trading. Barrel cheese price slipped 0.25 cent, closing at $1.4575 with no loads traded. There were two uncovered offers at the close. No buyers showed up to do any business. Dry whey gained 0.75 cent, closing at 44.25 cents with one load traded. The gain of dry whey more than offset the loss of barrels but traders did not care. They are bearish in the market with Class III contracts steady to 21 cents lower. Butter price increased 3.25 cents, closing at $2.5775 with no loads traded and only buyers showing up during spot trading. Grade A nonfat dry milk price increased 0.25 cent with one load traded. Class IV futures are 1 cent lower to 23 cents higher. Butter futures are 1.00 to 2.67 cents higher. Dry whey futures are 0.25 cent lower to 0.92 cent higher. USDA will release the December Milk Production and the Cold Storage reports Wednesday afternoon. I estimate milk production to be down 0.4% from a year earlier with cow numbers down 3,000 head from November.
