MILK:
The March Milk Production report was released Wednesday. In the 24 major states, a total of 18.8 billion pounds of milk was produced, a decline of 0.4% from a year ago. In the 24 major states, the average production per cow was 2,113 pounds, an increase of 7 pounds from a year ago. The number of milk cows on farms was 68,000 less than a year ago, totaling 8.90 million head. As a total in the 50 states, milk production declined 0.5% to 19.7 billion pounds. Compared to February 2022, there was a 2.2-billion-pound difference. The production per cow averaged 2,096 pounds, increasing 227 pounds from a month ago. The number of milk cows on farms in the 50 states totaled 9.3 million head, declining 87 head from a year ago. Milk production in the U.S. in the first quarter totaled 56.3 billion pounds, declining 1% from last year's first quarter. The average number of milk cows between January and March totaled 9.38 million head. This was unchanged from the October to December quarter, but 85,000 head less than a year ago. February production was revised at 16.8 billion pounds, down 0.7% from a year ago.
AVERAGE CLASS III PRICES:
| 3 Month: | $24.29 |
| 6 Month: | $24.16 |
| 9 Month: | $23.86 |
| 12 Month: | $23.34 |
CHEESE:
Block spot prices closed at $2.3350, declining 2.50 cents. Barrels fell 5.25 cents to $2.3425. Cheese futures were 1 cent higher to 9 cents lower. While production is busy, there are continued challenges of ongoing labor and trucker shortages and production supply chain issues. Domestic prices are competitive on export markets and global demand is strong. Retail and food service sales are steady to higher as the restaurant sector rebounds to pre-COVID levels.
BUTTER:
Butter saw some strength in spot trading, increasing 0.25 cent to $2.7200 with four loads traded. Futures were unchanged to 2.475 lower. Inventory of salted butter is higher than unsalted. General inventory is steady. Buying bulk butter is at a premium. Retail demand is lower to stead while food service demand is steadily increasing week after week. Butter produced in the U.S. is being sold at a discount compared to international butter
OUTSIDE MARKETS SUMMARY:
May corn was up 11.75 cents to settle at $8.1575 per bushel. Soybean futures for May settled at $17.4675, increasing 30.25 cents. Soybean meal settled at $4.7150 per bushel, up 7 cents for May. May wheat futures declined 11 cents to $10.88. April live cattle increased $1.72 and settled at $143.07. May crude oil was up 19 cents to $102.75. NASDAQ was down 164 points to 13,449. The Dow was up 261 points to 35,172.
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