As if $10 milk wasn’t low enough, the Class III price plunged to $9.33 for July, according to the USDA.

That represents a 76-cent decline from June. No one even wants to think about how low that is compared to a year ago. However, the July Class III price sits about $6.00 less than a year ago.

Although both the Class II and IV prices declined, the magnitude was not nearly as hefty as that felt by the Class III market. The USDA announced the July Class IV price at $10.45 — a decline of 7 cents from June. The July Class II price fell a nickel — to $11.14.

Cheese prices endured a roller coaster ride the week of July 21, which sent block and barrel prices spiraling toward $1.00 early in the week only to rebound to $1.115 and $1.07, respectively, by week’s end. Since then, both the block and barrel markets have gained some momentum. At the close of trading on August 1, block and barrel prices on the Chicago Mercantile Exchange settled at $1.17 and $1.11, respectively.

Grade AA butter prices have remained fairly steady, settling at $1.0675 per pound on Aug. 1.

USDA; CME