OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Higher |
| SOYBEANS: | 5 Higher |
| SOYBEAN MEAL: | $0.20 Higher |
| LIVE CATTLE: | $0.87 Lower |
| DOW JONES: | 266 Points Higher |
| NASDAQ: | 232 Points Higher |
| CRUDE OIL: | $1.23 Higher |
MIDDAY MARKET UPDATE:
Both block and barrel cheese prices remained unchanged with no loads traded. The only activity was an offer for a load of barrels and an unfilled bid for a load of barrels. Buyers were not aggressive, which solidified the idea that the strong gains Monday were the result of immediate orders needing to be filled and not buying for future demand. Dry whey price declined a penny, closing at 38 cents with one load traded. Class III futures are 42 cents lower to 3 cents higher with the most pressure on the June contract and the only increase posted in the March contract. Futures were under pressure ahead of spot trading and came under further pressure during and after the trading period. Butter price declined by 3 cents, closing at $2.97 with seven loads traded. Grade A nonfat dry milk price slipped 0.25 cent, closing at $1.1175 with six loads traded. Class IV futures are 12 to 26 cents lower. Butter futures are unchanged to 4.50 cents lower. Dry whey futures are 0.02 to 1.35 cents lower.
