OUTSIDE MARKETS SUMMARY:
| CORN: | 1 Higher |
| SOYBEANS: | 5 Lower |
| SOYBEAN MEAL: | $4.60 Higher |
| LIVE CATTLE: | $.45 Lower |
| DOW JONES: | 71 Points Higher |
| NASDAQ: | 167 Points Higher |
| CRUDE OIL: | $0.05 Higher |
MIDDAY MARKET UPDATE:
The block cheese price declined 1.25 cents, closing at $1.4975 with five loads traded. The barrel cheese price increased 2.00 cents, closing at $1.49 with no loads traded. The increase in the barrel price has no impact on Class III futures as it has no bearing on the price calculation. The bid disappointment came from dry whey, with the price declining 6.00 cents to close at 68.00 cents, with no loads traded. Class III futures are 5 cents higher to 51 cents lower, with November showing the only gain. The butter price jumped 9.00 cents, closing at $1.87 with 17 loads traded. There were 17 unfilled bids and seven uncovered offers remaining at the close of spot trading. Grade A nonfat dry milk jumped 6.25 cents to close at $1.6850 with six loads traded. Class IV futures are 5-61 cents higher. Butter futures are 0.75-7.50 cents higher. Dry whey futures are 1.00 cents lower to 0.50 cent higher. Cheese futures are 0.50-2.50 cents lower. USDA will release the January Milk Production report this afternoon. I estimate milk production to be 4.2% higher than a year ago and cow numbers to be 4,000 head more than December.
