OUTSIDE MARKETS SUMMARY:
| CORN: | 3 Higher |
| SOYBEANS: | 4 Higher |
| SOYBEAN MEAL: | $1.50 Higher |
| LIVE CATTLE: | $0.47 Higher |
| DOW JONES: | 1 Point Higher |
| NASDAQ: | 118 Points Higher |
| CRUDE OIL: | $0.47 Higher |
MIDDAY MARKET UPDATE:
Class III futures are showing a minor bounce after initially making new contract lows. Traders are not buying with conviction but likely just taking some profits if they were short last week. The block cheese price increased 0.50 cent, closing at $1.6950 with three loads traded. The barrel cheese price remained unchanged at $1.70 with no loads traded. The dry whey price increased 0.50 cent, closing at 57.00 cents with one load traded. Class III futures are 13 cents lower to 7 cents higher. Futures contracts through February posted gains. The butter price increased 0.25 cent, closing at $2.0250 with no loads traded. Grade A nonfat dry milk remained unchanged at 1.22 with one load traded. Class IV futures have not yet been traded. Butter futures are 2.25 cents lower to 1.07 cents higher. Dry whey futures are 0.25 cent lower to 2.10 cents higher. Cheese futures are 0.60 cent lower to 0.20 cent higher.
