Block cheese price declined 2 cents, closing at $1.4725 with one load traded. Barrel cheese price fell 6.25 cents, closing at $1.48 with three loads traded. This moves barrels nearly to the same level as blocks and the closest spread they had been in quite some time. This put greater pressure on Class III futures in the July and August contracts which are showing 24-cent and 13-cent losses, respectively. Futures are 3 cents higher to 24 cents lower with the higher contracts in June, July and August 2022. Butter price remained unchanged at $1.7850 with no loads traded. Grade A nonfat dry milk price declined a penny, closing at $1.2550 with five loads traded. Dry whey price remained unchanged at 61 cents with no loads traded. Class IV futures have not yet traded. Butter futures are 1.00 to 4.57 cents lower. Dry whey futures are 0.10 to 1.00 cents lower. USDA will release the May Milk Production report this afternoon. I estimate milk production to be up 2.4% from the previous year with cow numbers up 4,000 head from April.
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