GENERAL OVERVIEW:
Class IV futures had a very strong day with both the May and June contracts closing at new contract highs above $22.00. All contracts through November close at new contract highs. The March Cold Storage report showed all categories posting an increase in inventory.
MILK:
Class IV contracts from May through November closed at new contract highs, supported by the rebound in the butter price. The April contracts showed no change in either class of milk, as the last trading day for the contract will be on Tuesday. The milk production report earlier this week showed strong milk output, with only four of the top 24 states showing production declines from a year earlier. Washington showed the largest decline, with production down 5.8%. New Mexico declined 3.2%, Pennsylvania was down 2.3%, and Illinois was down 0.7%. The largest gain took place in Kansas, with a production increase of 25.4%. It also had the largest cow numbers with an increase of 47,000 head from a year ago. South Dakota has shown double-digit gains for numerous months but slowed to a year-over-year gain of 6.9%. All of the other states showed production increases of less than 6.0%.
AVERAGE CLASS III PRICES:
| 3 Month: | $17.52 |
| 6 Month: | $18.26 |
| 9 Month: | $18.43 |
| 12 Month: | $18.24 |
CHEESE:
For the week, block increased 6.75 cents with 43 loads traded. The weekly average price is $1.6190. Barrels increased by 4.00 cents with no loads traded. The weekly average price is $1.5910. Dry whey increased 0.75 cent with two loads traded. The weekly average price is 69.95 cents. The March Cold Storage report showed American cheese inventory increasing 10.7 million pounds from February, totaling 801.6 million pounds. This is 3% below March 2025. Swiss cheese inventory increased 127,000 pounds, totaling 24.8 million pounds. This is 4% above a year ago. Other cheese inventory totaled 575.0 million pounds, up 2.7 million pounds from February, but down 1% from a year ago. Total cheese inventory reached 1.401 billion pounds. This was an increase of 13.5 million pounds, but it is 2% below a year ago.
BUTTER:
For the week, butter increased 1.50 cents with 94 loads traded. The weekly average price is $1.7010. Grade A nonfat dry milk increased 6.00 cents with nine loads traded. The weekly average price is $2.2370. Butter inventory in March increased by 32.8 million pounds, totaling 288.8 million pounds. This was 11% below March 2025.
OUTSIDE MARKETS SUMMARY:
July corn closed down 0.25 cent per bushel at $4.6350, July soybeans closed up 3.75 cents at $11.7850, and July soybean meal closed up $2.60 per ton at $319.10. July Chicago wheat closed down 3.50 cents at $6.1675. June live cattle closed up $1.73 at $245.23. June crude oil is down $1.45 per barrel at $94.40. The Dow Jones Industrial Average is down 80 points at 49,231, with the NASDAQ is up 398 points at 24,837.


