MIDDAY MARKET UPDATE:
Block cheese price held steady at $1.9275 with no loads traded. Barrels plummeted 21 cents, closing at $1.40 with 6 loads traded. This quickly widened the spread substantially, further moving the block/barrel spread to 51.75 cents. Not only has there been substantial volatility in cheese prices, but substantial volatility of the block/barrel spread. Butter price declined 2 cents, closing at $1.38 with 3 loads traded. This moves price back down to the lowest price since May 12. Grade A nonfat dry milk price slipped 0.50, ending at $1.0825 with 12 loads traded. Dry whey price remained steady at 43 cents. Class III futures are 94 cents lower to 2 cents higher. Class IV futures 3 to 6 cents lower. Butter futures are 1.05 to 2.35 cents lower. Dry whey price 0.10 to 1.00 cent higher.
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