Block cheese price declined 2.25 cents closing at $1.79 with 3 loads traded. This weakness turned Class III futures quickly negative, but the initial reaction was mitigated by the rebound of price from its low. It declined to $1.78 before a trade brought it back up very near the close of spot trading. Barrel cheese price increased 3 cents closing at $1.48 with 4 loads traded. Butter gained 2 cents closing at $1.69 with 2 loads traded. Grade A nonfat dry milk price declined a penny to $1.26. Dry whey price increased 0.25 cent ending at 52 cents with 1 load traded. Class III futures showed double-digit gains in nearby contracts prior to spot trading, but the weakness pulled the support out under the market for now. It is unclear if the weakness of blocks is temporary or if price has reached buyer resistance. Class III futures are 27 cents lower to 7 cents higher. Class IV futures are 12 cents to 16 cents higher. Butter futures are 1.12 cents to 3.05 cents higher. Dry whey futures are unchanged to 1.17 cents higher.
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