OUTSIDE MARKETS SUMMARY:
| CORN: | Unchanged |
| SOYBEANS: | 16 Lower |
| SOYBEAN MEAL: | $1.70 Lower |
| LIVE CATTLE: | $2.40 Lower |
| DOW JONES: | 387 Points Lower |
| NASDAQ: | 179 Points Lower |
| CRUDE OIL: | $0.88 Lower |
MIDDAY MARKET UPDATE:
Block cheese price slipped 0.25 cent, closing at $1.7475 with one load traded. Barrel cheese price dumped 8.25 cents, closing at $1.8550 with one load traded. There were two unfilled bids for loads of barrels at the close. This gives the impression the buyer wanted to purchase a load to fill orders and needed to get it done. The current market fundamentals do not suggest a tightening supply at the current time.
Dry whey price remained unchanged at 37.50 with no loads traded. Class III futures are steady to 55 cents higher with July showing the greatest gain. Trading volume is moderate. Butter price remained unchanged at $2.9650 with no loads traded. Grade A nonfat dry milk price gained a penny, closing at $1.12 with no loads traded. Class IV futures have not yet been traded. Butter futures are 0.90 cent lower to 4.45 cents higher. Dry whey futures are steady to 0.95 cent lower. USDA will release the March Agricultural Prices report this afternoon providing average prices used in calculating income over feed for the Dairy Margin Coverage program.
