Both blocks and barrels moved higher early in spot trading, but neither could hold their highs. Blocks fell back to close 0.25 cent lower at $1.6425 with 13 loads traded. Price initially increased to $1.6525 before sellers became more aggressive and buyers pulled back. Barrel cheese price gained 0.50 cent, closing at $1.4250 with 6 loads traded. Price initially moved to $1.4375 before buying ran out of steam and price slipped back. This has had some impact on Class III futures with contracts slipping back from the highs, but still retaining double-digit gains. Butter price remained unchanged at $1.5150 with no loads traded. Grade A nonfat dry milk price declined a penny to $1.1275 with 7 loads traded. Dry whey price gained 0.50 cent, closing at 47 cents with one load traded. Class III futures are 10 to 26 cents higher. Class IV futures are 1 to 8 cents lower. Butter futures are 2.00 cents lower to 1.00 cents higher. Dry whey futures are 0.15 to 2.97 cents higher. USDA estimates milk production this year at 222.7 billion pounds and 226.3 billion pounds for next year.
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