Midday Market Update:
Block cheese price declined 2 cents closing at $1.66 with 2 loads traded. Barrel cheese price slipped 0.75 cent closing at $1.4150 with no loads traded. This did not put a large amount of pressure on Class III futures than what they were showing prior to spot trading. Futures rebounded somewhat from the level reached during spot trading limiting some of the initial losses. Class III futures are 19 cents lower to 16 cents higher. Front-month November shows the greatest gain as it adjusts to the weekly AMS prices from last week. Butter price gained 0.25 cent ending at $1.3625 with 11 loads traded. Grade A nonfat dry milk price increased 1.50 cents ending at $1.11 with 3 loads traded. Dry whey price remained unchanged at 43 cents with no loads traded. Class IV futures are 7 cents higher. Butter futures are 0.47 cent lower to 2.07 cents higher. Dry whey futures are 0.57 cent to 0.73 cent higher. USDA will release the October Agricultural Price report this afternoon providing prices used to calculate income over feed for the Dairy Margin Coverage program.
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