Block cheese price increase a penny to $1.7350 with one load traded. Barrel cheese price gained 6 cents closing at $1.64 with 10 loads traded. It certainly is positive that barrels moved higher even though there were a large amount of trades. It seems as if buyers are getting more excited about purchasing supply as they intend to purchase ahead of time and before prices increase too much. Butter price gained 2.25 cents closing at $1.6975 with 2 loads traded. Grade A nonfat dry milk price gained 1.25 cents to close at 52 cents with unfilled bids and 2 uncovered offers remaining at the close. Class III futures are unchanged to 27 cents higher with September posting the strongest gain. Class IV futures have not yet traded. Butter futures are 0.30 cent lower to 1.20 cents higher. Dry whey futures are 0.50 cent to 1.57 cents higher. USDA reduced their estimate for milk production this year to 228.2 billion pounds on the World Agricultural Supply and Demand report Monday. They increased the estimate for 2022 to 231.6 billion pounds.
