OUTSIDE MARKETS SUMMARY:
| CORN: | 3 1/2 Lower |
| SOYBEANS: | 9 3/4 Lower |
| SOYBEAN MEAL: | $11.00 Lower |
| LIVE CATTLE: | $3.65 Higher |
| DOW JONES: | 72 Points Lower |
| NASDAQ: | 70 Points Lower |
| CRUDE OIL: | $0.25 Lower |
MIDDAY MARKET UPDATE:
Cash cheese prices were steady to higher on the CME cash dairy market Friday morning. Barrel cheese prices were unchanged at $1.82 per pound with one load trading hands, while block cheese prices also moved to $1.8325 per pound following a 1.25 cents per pound gain with five loads selling. Butter was untraded with prices unchanged going Friday morning. Nonfat dry milk prices were also untested and untraded during the morning activity. Dry whey prices posted a fractional market loss of 0.25 cent per pound with three loads trading and no additional bids or asking prices seen on the exchange. Class III milk futures are mixed Friday morning with the most significant price activity seen in February contracts, while the rest of the complex posted mixed trade within a narrow single-digit price shift. The combination of wide market shifts through the rest of ag traded commodities as well as focus on the afternoon release of monthly dairy reports is impacting the February contract months. At midday, February futures are trading 18 cents per cwt higher at $19.33 per cwt. Aggressive moves higher in cattle futures and strong morning pressure in the grain trade is having an overall impact on dairy prices. Although volume still remains extremely sluggish at the end of the week.
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