MIDDAY MARKET UPDATE:
Block cheese price gained 4.75 cents, closing at $1.6450 with 2 loads traded. There was an offer placed in the market near the close which did temper some of the initial exuberance stemming from the initial rise of price. Barrel cheese price increased 2.25 cents, closing at $1.4225 with 1 load traded. It is nice to finally see cheese prices bounce, but traders are cautious over upside price potential. Negative fundamentals seem to be too numerous for a sustained price increase. Butter price declined 2.50 cents, ending at $1.3450 with 9 loads traded. This moves the butter price to the lowest level since May 8. Grade A nonfat dry milk increased 0.50 cent, closing at 1.0850 with 2 loads traded. Dry whey price gained 1.75 cents, closing at 43.75 cents with no loads traded. Class III futures are 1 cent lower to 22 cents higher with January posting the greatest gain. Class IV futures are 3 to 12 cents lower. Butter futures are 1.25 to 3.00 cents lower. Dry whey futures are 0.10 to 0.90 cent higher.
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