Block cheese price increased 4.25 cents closing at $1.8125 with 7 loads traded. Barrel cheese price increased 6.50 cents closing at $1.75 with 3 loads traded. Class III futures had been trading significantly higher since the overnight but pushed higher after spot trading. Futures are 10 cents to 75 cents higher across the board as buyers became aggressive. The strength of futures overnight and Wednesday morning seemed indicate that there were some traders that knew prices were going to increase. That should not be the case as it would be considered insider trading, and that is not likely what happened due to buyers and sellers not knowing what each other will do. The strength certainly is not spillover from corn as corn is down significantly as a result of the World Agricultural Supply and Demand report. Butter prices increased 3.75 closing at $1.85 with no loads traded. Grade A nonfat dry milk price declined 1.50 cents ending at $1.3075 with 5 loads traded. Dry whey price increased 0.25 cent closing at 63 cents with no loads traded. USDA raised milk production this year by 200 million pounds from the previous month's estimate.
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