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CHICAGO—Prices for block cheddar cheese traded at the Chicago Mercantile Exchange sank 15 cents on May 12, the market's lowest price since March 19.
The drop follows heavy block trading one week before, when Dairy Farmers of America, the nation's largest dairy co-operative, bought nearly 2 million pounds of cheese. Additionally, cheddar barrel prices dropped 10 cents on May 11, to trade at $1.93.
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