Spot Market Summary – December 26, 2025

Block Cheese: $1.3350, unchanged, 0 lots traded
Barrel Cheese: $1.4000, unchanged, 0 lots traded
Butter: $1.4025, unchanged, 3 lots traded
NDM: $1.1800, unchanged, 0 lots traded
Whey: $0.7300, up $0.0050, 1 lot traded

Implied Class III (New FMMO Formula): $14.10, up $0.03
Implied Class IV (New FMMO Formula): $13.34, unchanged

Class III (January): $15.29, up $0.01
Class IV (January): $13.76, unchanged
Corn (March): $4.4875, down $0.0225
Soybeans (January): $10.5725, down $0.0600
Soybean Meal (January): $304.80, up $0.10

* Futures data from approximately 2025-12-26 11:56:11 CT.

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