Spot cheese trading was rather benign with blocks slipping 0.25 cent while barrels remained unchanged with no trading activity in either category. Blocks closed at $1.65 with barrels at $1.4575. This kept Class III futures under pressure as they had been with some later contracts actually showing further pressure than prior to spot trading. Butter price declined 2.25 cents, closing at $1.4525, with one load traded. Grade A nonfat dry milk price increased 0.75 cent, closing at $1.15, with two loads traded. Dry whey price declined 0.25 cent, ending at 46.50, with one load traded. Class III futures are 2-37 cents lower with February posting the greatest loss. The market is correcting from futures moving higher than underlying cash supported. Class IV futures are 10 cents higher. Butter futures are 0.50 cent lower to 0.97 cent higher. Dry whey futures are 0.93 cent to 1.13 cents lower.
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