OUTSIDE MARKETS SUMMARY:
| CORN: | 6 Lower |
| SOYBEANS: | 8 Higher |
| SOYBEAN MEAL: | $0.30 Lower |
| LIVE CATTLE: | $1.72 Higher |
| DOW JONES: | 668 Points Higher |
| NASDAQ: | 294 Points Higher |
| CRUDE OIL: | $1.47 Higher |
MIDDAY MARKET UPDATE:
The block cheese price remained steady at $1.7750 with 11 loads traded. The price initially declined by 3.50 cents, closing at $1.7750 before buying interest regained the losses. The barrel cheese price increased 0.25 cent, closing at $1.81 with 11 loads traded. There were five unfilled bids for blocks and three unfilled bids for barrels remaining at the close of spot trading. The dry whey price remained unchanged at 47.75 cents with no loads traded. Class III futures were under significant pressure before spot trading, but are currently mixed with contracts ranging from 21 cents lower to 18 cents higher. The butter price increased 0.25 cent, closing at $2.3225 with five loads traded. Grade A nonfat dry milk increased 0.25 cent with one load traded. Class IV futures have not yet been traded. Butter futures are 0.72 lower to 1.72 cents higher. Dry whey futures are steady. USDA will release the March Milk Production report this afternoon. I estimate milk production to be 0.5% above a year ago and cow numbers to increase slightly.
