Block cheese price increased 1.50 cents, closing at $1.7250 with six loads traded. Barrel cheese price remained unchanged at $1.58 with no loads traded. Grade A nonfat dry milk increased 2.50 cents, ending at $1.25. Dry whey increased 2 cents, closing at 50.75 cents. The increase of block cheese and dry whey should have resulted in the further increase of Class III futures, but that has not been the case. The reason is likely due to the market being overdone to the upside Thursday, leaving futures to correct to where they would be in line with underlying cash. There does seem to be a base building under the market, which may leave the decline Friday temporary. Class III futures are mixed with contracts ranging from 23 cents lower to 12 cents higher. July shows the greatest loss as it is nearly priced with the AMS weekly prices less than expected. Class IV futures are 11 to 16 cents higher. Butter futures are 3.00 cents lower to 1.00 cents higher. Dry whey futures are 0.50 to 0.90 cent higher.
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