Midday Market Update:
Block cheese price increased 1.50 cents closing at $1.66 with one load traded. Barrel cheese price declined 2.25 cents ending at $1.40 with 7 loads traded. The weakness of barrels more than offset the gain of blocks resulting in Class III futures falling back. Contracts range from 3-26 cents lower. Butter price declined 2.75 cents closing at $1.3175 with 26 loads traded. This is surprising as sellers continue to remain aggressive moving butter at lower prices to reduce supply. Grade A nonfat dry milk price slipped 0.25 cent closing at $1.0825 with one load traded. Dry whey price remained unchanged at 43.75 cents. Class IV futures are 13 cents to 27 cents lower. Butter futures are 1.02 cents lower to 1.57 cents higher. Dry whey futures are 0.22 cent lower to 0.10 cent higher. The October Cold Storage report will be released Monday, which should show a decrease of inventory in all categories. However, some categories may show less of a decline than usual.
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