OUTSIDE MARKETS SUMMARY:
| CORN: | 8 Higher |
| SOYBEANS: | 27 Higher |
| SOYBEAN MEAL: | $10.80 Higher |
| LIVE CATTLE: | $0.17 Lower |
| DOW JONES: | 119 Points Higher |
| NASDAQ: | 116 Points Lower |
| CRUDE OIL: | $0.06 Higher |
MIDDAY MARKET UPDATE:
The block cheese price increased 5 cents closing at $1.84 with one load traded. This narrowed the gap between blocks and barrels. The barrel price increased 0.25 cents closing at $1.8825 with three loads traded. Even though blocks jumped, Class III futures slipped back from the highs that took place during spot trading as the increase had already been factored in.
Dry whey price declined 1.25 cents closing at 38.25 with three loads traded. Class III futures are 3 cents lower to 13 cents higher. Butter price remained unchanged at $3.0750 with no loads traded. Grade A nonfat dry milk price declined by 0.75 cent closing at $1.1225 with no loads traded. Class IV futures have not yet been traded. Butter futures are 0.27 cent lower to 0.50 cent higher. Dry whey futures are 1.02-1.75 cents higher. USDA will release the March Dairy Products report this afternoon. It will not be a market mover but it will provide the amount of dairy products produced for the month.
