OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Lower |
| SOYBEANS: | 14 Higher |
| SOYBEAN MEAL: | $1.80 Higher |
| LIVE CATTLE: | $1.32 Lower |
| DOW JONES: | 151 Points Lower |
| NASDAQ: | 16 Points Lower |
| CRUDE OIL: | $1.14 Higher |
MIDDAY MARKET UPDATE:
Block cheese price gained 3.50 cents, closing at $1.4275 with seven loads traded. Barrel cheese price gained 0.50 cent, closing at $1.43 with nine loads traded. This triggered buying interest in Class III futures about 20 to 30 cents higher during spot trading. However, futures have trimmed some of those gains as the kneejerk reaction ran its course. It will take more cash strength to turn traders bullish in the longer term. Current Class III futures are 1 cent lower to 21 cents higher. Butter price increased 5.50 cents, closing at $2.8625 with nine loads traded. Grade A nonfat dry milk price increased 1.50 cents, closing at $1.1225 with seven loads traded. Class IV futures have not yet been traded. Butter futures are 0.80 cents lower to 2.47 cents higher. Dry whey futures are 0.50 to 0.85 cent higher. USDA will release the February Cold Storage report Monday afternoon. There will be no Dairy Revenue Protection prices released due to the report.
