Block cheese continued its weakness with price declining 3 cents with no loads traded. No buyers showed up to do any business. This leaves concern for further weakness in the market. Barrels succumbed to selling pressure after initially gaining 0.25 cent. Price closed at $1.5050, down 0.75 cent with five loads traded. Class III milk posted some double-digit gains in nearby contracts early in the day, but those were erased once spot prices began declining. Futures are 17 cents lower to 2 cents higher. Front-month August shows the most loss due to the weekly AMS prices Wednesday. Butter price slipped 0.25 cent, closing at $1.6825 with three loads traded. Grade A nonfat dry milk price slipped 0.25 cent with one load traded. Dry whey price remained unchanged at 52.75 with no loads traded. Class III futures have not yet traded. Butter futures are 1.25 cents lower to 0.30 cent higher. Dry whey futures are 0.25 to 1.22 cents lower. The July Milk Production report will be released Thursday afternoon.
