OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Higher |
| SOYBEANS: | 1 Lower |
| SOYBEAN MEAL: | $3.40 Lower |
| LIVE CATTLE: | $1.80 Lower |
| DOW JONES: | 111 Points Lower |
| NASDAQ: | 199 Points Lower |
| CRUDE OIL: | $1.10 Higher |
MIDDAY MARKET UPDATE:
The block cheese price increased 2 cents, closing at $1.63 with 15 loads traded. The barrel cheese price decreased 2.25 cents, closing at $1.61 with one load traded. Class III futures are higher in contracts through March, as the barrel price is not a part of the Class III pricing formula anymore, making the weakness not impactful on the market. It does have an impact on the market supply of cheese, but not directly on the pricing formula. The dry whey price was unchanged at 64.00 cents with no loads traded. Class III futures range from 10 cents lower to 31 cents higher. The butter price decreased 2.00 cents, closing at $1.68 with five loads traded. Grade A nonfat dry milk remained unchanged at $1.1450 with two loads traded. Class IV futures are 20 to 26 cents lower. Butter futures are 2.47 to 5.60 cents lower. Dry whey futures are 0.92 cent lower to 0.25 cent higher. Cheese futures are 1.60 cents lower to 3.30 cents higher.
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