Block cheese price declined 2 cents, ending at $1.49 with one load traded. Barrel cheese price fell 6.50 cents with five loads traded. This is certainly not good for the market. Barrels fell to the previous low of May 28. If it falls below this level, it will move to the lowest level since April 6. There were only uncovered offers remaining at the close with two for blocks and one for barrels. Surprisingly, Class III futures are not hit as hard as would be anticipated. Contracts are 3 to 21 cents lower. Only front-month June shows a gain of 9 cents as it adjusts to the weekly AMS prices. Butter price remained steady at $1.8050 with no loads traded. Grade A nonfat dry milk price declined 1.50 cents, closing at $1.15 with four loads traded. Dry whey price remained unchanged at 59.25 cents with no loads traded. Class IV futures are 18 cents lower. Butter futures are 1.00 to 1.90 cents lower. Dry whey futures are 0.023 cent lower to 0.007 cent higher. Corn futures are 38 cents lower with soybeans down 81 cents and soybean meal down over $10.00 per ton.
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