Block and barrel cheese prices remained unchanged at $1.61 and $1.3925, respectively. There were 2 loads traded of barrels and none of blocks. Barrel price initially declined 0.25 cents before coming back to settle unchanged. This did not change the bearishness of Class III futures and added to it. February moved limit down for a time with price back to the lowest level it has been since late June and solidly below $16.00. March fell below $17.00. Futures are 3 cents higher to 73 cents lower. Some pressure might have spilled over from the weakness of butter as price declined 4.25 cents, ending at $1.36 with 4 loads traded. Grade A nonfat dry milk price declined a penny to $1.1625 with no loads traded. Dry whey remained unchanged at 54 cents with no loads traded. Class IV futures are 32 cents lower. Butter futures are 0.02 to 3.22 cents lower. Dry whey futures are 0.15 to 1.20 cents lower. USDA will release the December Milk Production report Monday afternoon, I estimate milk production to be up 2.9% from a year ago with cow numbers 6,000 head above November.
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