MILK
For the first four days of the week, Class III milk has traded in a tight range, with the Thursday close of $17.65 so far the lowest close this week. The April 21 USDA NASS Milk Production report showed that, for the 10th month in a row, U.S. milk production grew, with the March report showing production up 2%.
CHEESE
Cheddar block closed down 2 cents on the day at $1.7750 with five trades and two offers. Cheddar barrel closed down 1 cent at $1.7950 with 10 trades and two offers. The USDA NASS Cold Storage report Thursday showed total natural cheese stocks in refrigerated warehouses on March 31, 2021, were up 2% from the previous month and up 7% from March 31, 2020.
BUTTER
Butter closed down 5.25 cents at $1.74 with eight trades, three bids and three offers. The USDA NASS Cold Storage report showed butter stocks were up slightly in March versus the prior month and up 15% from a year ago. The March report was a surprise to the market in that butter inventories remain heavy by historical standards, with stocks at the end of March the highest since 1993 for that time of year.
OUTSIDE MARKETS SUMMARY
July corn closed up its daily limit of 25 cents, and December corn was up 16 3/4 cents. July soybeans reached new contract highs, closing up 34 3/4 cents, and November soybeans were up 28 cents. July KC wheat closed up 37 cents, July Chicago wheat was up 35 1/2 cents and July Minneapolis wheat was up 29 1/2 cents. The June U.S. Dollar Index was trading up 0.25 at 91.38. The Dow Jones Industrial Average was down 301.78 points at 33,835.53. June gold was down $13 at $1,780.10, May silver was down $0.47 at $26.10 and May copper was down $0.0145. June crude oil was up $0.09 at $61.44, June heating oil was up $0.0075, June RBOB gasoline was down $0.0074 and June natural gas was up $0.057.
