Spot cheese prices imploded with buyers few and far between. There was only 1 load of barrels traded and no blocks. There were offers of 5 loads of blocks and 3 loads of barrels remaining at the close. Block cheese price fell 7 cents, closing at $1.73 with barrel cheese down 12 cents, closing at $1.44. This is the lowest barrels have been since Dec. 17. Cash is moving completely against the anticipation of the majority of traders. Many bought into the market on the idea that a similar pattern would be seen as took place last year during the Food Box programs. Grade A nonfat dry milk declined 1.50 cents, closing at $1.20 with 1 load traded. Dry whey price remained unchanged at 53.50 with no loads traded. Class III futures show substantial losses with most contracts lower. November futures are 7 cents higher while the rest of the contracts are 1 cent to $1.33 cents lower. Class IV futures are 2 cents higher. Butter futures are 1 cent lower to 3 cents higher. Dry whey futures are 0.10 to 0.50 cent higher.
