OUTSIDE MARKETS SUMMARY:
| CORN: | 7 Higher |
| SOYBEANS: | 9 Lower |
| SOYBEAN MEAL: | $0.20 Lower |
| LIVE CATTLE: | $1.95 Lower |
| DOW JONES: | 127 Points Lower |
| NASDAQ: | 180 Points Lower |
| CRUDE OIL: | $1.98 Lower |
MIDDAY MARKET UPDATE:
The block cheese price increased a penny, closing at $1.73 with five loads traded. The barrel cheese price slipped 0.25 cent, closing at $1.70 with seven loads traded. There was only an offer for a load of barrels remaining at the close. The dry whey price decreased 0.75 cent, closing at 49.75 cents with one load traded. Class III futures are steady to 14 cents higher with light trading activity. The butter price rebounded, gaining 5.50 cents and closing at $2.2950 with four loads traded. There were eight unfilled bids remaining at the close of spot trading, suggesting higher prices on Thursday. Grade A nonfat dry milk decreased 1.25 cents, closing at $1.1750 with eight loads traded. Class IV futures have not yet been traded. Butter futures are 0.50 cent lower to 0.65 cent higher as traders are not buying into the strength of the cash price. Dry whey futures are unchanged. The April Federal Order class prices will be released, and USDA will release the March Agricultural Prices reports this afternoon.
