OUTSIDE MARKETS SUMMARY:
| CORN: | 2 Lower |
| SOYBEANS: | 5 Higher |
| SOYBEAN MEAL: | $0.40 Lower |
| LIVE CATTLE: | $1.62 Higher |
| DOW JONES: | 360 Points Higher |
| NASDAQ: | 236 Points Higher |
| CRUDE OIL: | $0.90 Higher |
MIDDAY MARKET UPDATE:
Cheese prices found strong support Friday. Block cheese price increased by 7.50 cents, closing at $1.5150 with eight loads traded. The price initially increased to $1.5325 before selling pressure pushed it off the high. Barrels increased 8 cents, closing at $1.53 with 13 loads traded. Like blocks, the price initially increased to $1.5425 before selling pressure took it off those highs. Dry whey price remained unchanged at 39 cents.
Class III futures are 2 cents to 43 cents higher with June showing the greatest strength. Butter price increased a penny, closing at $2.94 and regaining the loss of Thursday. There were five loads traded. Grade A nonfat dry milk declined 1.25 cents, closing at $1.1325 with six loads traded. The nonfat dry milk decrease offset the gain of butter. Class IV futures are steady to 14 cents higher. Butter futures are 0.05 cent lower to 0.50 cent higher. Dry whey futures are 0.02 cent to 1.47 cents higher. USDA will release the February Dairy Products report this afternoon.
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