Block cheese price declined 2.25 cents closing at $1.58 with 9 loads traded. This is the lowest price since Feb. 23. Barrel cheese price gained 0.25 cent, closing at $1.6275 with 12 loads traded. Barrels traded as much as a penny lower before more aggressive buying surfaced pushing price back up. This action is the overriding factor that is keeping Class III futures higher. Traders are looking for any sign of possible support in order to buy into the market in anticipation of stronger prices. Butter price increased 1.25 cents closing at $1.8675 with 1 load traded. Grade A nonfat dry milk price remained unchanged at $1.3025 with 1 load traded. Dry whey price increased 0.50 cent ending at 64.50 cents with no loads traded. Class III futures are 4 cents lower to 12 cents higher. Class IV futures are 11-14 cents lower. Butter futures are 1.07 cents lower to 1.20 cents higher. Dry whey futures are 0.45 cent lower to 0.20 cent higher. USDA will release the April Milk Production report Thursday afternoon. I estimate milk production to be up 2.0% from a year ago and cow numbers to be up 2,000 head from March.
