OUTSIDE MARKETS SUMMARY:
| CORN: | Unchanged |
| SOYBEANS: | 6 Higher |
| SOYBEAN MEAL: | $1.90 Higher |
| LIVE CATTLE: | $0.32 Lower |
| DOW JONES: | 365 Points Lower |
| NASDAQ: | 345 Points Lower |
| CRUDE OIL: | $4.53 Higher |
MIDDAY MARKET UPDATE:
The block cheese price decreased 2.00 cents to close at $1.6200 with one load traded. The barrel cheese price remained unchanged at $1.5725 with no loads traded. Traders may be rethinking their bullish expectations of the market due to cheese inventory in February being below that of a year ago. It has not been reflected in the spot market. The dry whey price increased a penny, closing at 69.00 cents with one load traded. Class III futures are 13 cents lower to 10 cents higher. The butter price increased 2.75 cents to close at $1.8450 with 16 loads traded. The price moved to $1.8625 and then met more aggressive selling, which moved the price off the high. Grade A nonfat dry milk increased 1.50 cents to close at $1.9375 with 12 loads traded. Class IV futures are 19 cents lower to 23 cents higher, with the May and June contracts solidly above $21.00. Butter futures are 2.50 cents lower to 4.85 cents higher. The only loss is in the nearby March contract, with only one load traded. Dry whey futures are 0.05 cent lower to 0.50 cent higher. Cheese futures are 1.10 cents lower to 0.1 cent higher.
