OUTSIDE MARKETS SUMMARY:
| CORN: | 4 Lower |
| SOYBEANS: | 10 Lower |
| SOYBEAN MEAL: | $5.70 Lower |
| LIVE CATTLE: | $0.15 Higher |
| DOW JONES: | 315 Points Higher |
| NASDAQ: | 410 Points Higher |
| CRUDE OIL: | $0.86 Higher |
MIDDAY MARKET UPDATE:
Traders were bullish after the January Milk Production report and anticipated buyers would be more aggressive in the spot market. That did not happen but traders still anticipate it may take place. Block cheese price declined 1.50 cents, closing at $1.50 with two loads traded. Barrels cheese price increased 0.25 cent, closing at $1.61 with one load traded. This should have little impact on the market but traders are optimistic and Class III futures are significantly higher with prices ranging from 1-38 cents higher.
Dry whey price increased by 0.50 cent, closing at 51.50 with no loads traded. Butter price increased 3.75 cents, closing at $2.8125 with six loads traded. This is the highest price since Sept. 8, 2023. Grade A nonfat dry milk price increased by 0.25 cent, closing at $1.1975 with nine loads traded. Class IV futures are 16-17 cents higher. Butter futures are 21-2.42 cents higher. Dry whey futures are 0.50-1.50 cents higher.
