Block cheese price fell 2.50 cents closing spot trading at $1.6175 with 7 loads traded. Barrel cheese price gained 1.75 cents closing at $1.4425 with 6 loads traded. This divergence leaves the price correlation basically unchanged. Yet, futures exploded higher reacting with surprising short-covering. Butter price declined 3.50 cents closing at $1.48 with 12 loads traded. Butter trend seems to be on the way down again retracing back into the sideways trading range. Grade A nonfat dry milk price remained unchanged at $1.1275 with no loads traded. Dry whey price slipped 0.25 cent to 46.75 with no loads traded. Class III futures pushed limit up in January through March contracts, but those have since fallen back substantially with futures now 8 cents lower to 18 cents higher. Class IV futures are 9-26 cents lower. Butter futures are 1.25 cents to 2.75 cents lower. Dry whey futures are steady to 1.48 cents higher.
