MILK
Both Class III and Class IV milk futures showed mostly double-digit losses. Traders were disappointed over the inability of underlying cash to move higher. The sideways pattern is solid for now with little reason for price to move in any long-term trend. Warmer weather is here, and cow comfort has improved, allowing for increased production in the farm. Milk receipts are increasing, allowing plants to increase production. However, there is extra spot milk available, as well, which has resulted in discounts of up to $3 below class in some areas of the Central region. There are also some areas that have spot milk commanding a premium of $0.50, depending on location and demand. Cheese manufacturers welcome the extra milk, as they want to fill orders and well as build some inventory for later demand. The value of dairy exports in March totaled $859.6 million. This is 25% higher than a year ago. Total exports reached 213,553 metric tons, down 1% from a year ago. March exports nearly matched the record high of 2021.
AVERAGE CLASS III PRICES
| 3 Month: | $24.52 |
| 6 Month: | $23.89 |
| 9 Month: | $23.24 |
| 12 Month: | $22.50 |
CHEESE
For the week, blocks decreased 2 cents with seven loads traded. Barrels increased 4 cents with 18 loads traded. Dry whey decreased 2 cents with seven loads traded. Cheese exports during March totaled 41,693 metric tons, up 13% from March 2021. Whey exports totaled 52,374 metric tons, up 1% from a year ago. Dry whey exports were down 18% at 19,538 metric tons. Modified whey increased 19% to 17,433 metric tons. Whey protein concentrate totaled 15,303 metric tons, up 14%.
BUTTER
For the week, butter declined 3.50 cents with 14 loads traded. Grade A nonfat dry milk declined 1.50 cents with 12 loads traded. Butterfat exports in March totaled 7,230 metric tons, up 59% from March 2021. Whole milk powder exports declined 13% to 3,813 metric tons. Nonfat dry milk/skim milk powder exports declined 7% to 80,160 metric tons. Milk protein concentrate declined 2% to 3,792 metric tons.
OUTSIDE MARKETS SUMMARY
May corn fell 11.50 cents, closing at $7.9225. May soybeans fell 23 cents, closing at $16.5550, with May soybean meal down $3.50, ending at $423.40 per ton. May wheat gained a penny, ending at $10.97. June live cattle lost $1.02, closing at $132.75. June crude oil gained $1.51, closing at $109.77 per barrel. The Dow declined 99 points, ending at 32,899, while the NASDAQ declined 173 points, closing at 12,145.
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