MILK
Milk futures closed lower for the week which was a surprise. The psychology of the market has switched, and a bearish attitude has set in. Now the market will need to prove itself to change the current bearishness. Milk futures closed lower for the week even though all categories of the spot market increased. Even though milk production remains below a year ago, there is sufficient milk available for both bottling and manufacturing. Manufacturing plants report they are running as full as they want to be for the time being. Spot milk is available in the Midwest with a discount of as much as $6.00 under class. That certainly indicates the supply of milk is not tight. Markets will be closed on Monday and will reopen again at 5 pm Central time Monday evening.
AVERAGE CLASS III PRICES
| 3 Month: | $22.51 |
| 6 Month: | $22.08 |
| 9 Month: | $22.21 |
| 12 Month: | $21.78 |
CHEESE
For the week, blocks increased 8.25 cents with 2 loads traded. Barrels increased 5.75 cents with 9 loads traded. Dry whey increased 2.50 cents with 9 loads traded. American cheese production for the month of May totaled 483 million pounds, up 0.3% from May 2021. Italian type cheese production reached 486 million pounds, up 2.9% from a year ago. Total cheese output reached 1.19 billion pounds, up 2.1% from May 2021. Dry whey production jumped 9.5% to 84.6 million pounds. Lactose increased 10.8% totaling 105 million pounds while whey protein concentrate increased 8.1% to 43.7 million pounds.
BUTTER
For the week butter increased 9.50 cents with 28 loads traded. Grade A nonfat dry milk increased 1.25 cents with 12 loads traded. Butter production in May totaled 182 million pounds, down 0.7%. Nonfat dry milk totaled 193 million pounds, down 6.2% from May 2021. Skim milk powder output fell 20.3% to 38.7 million pounds according to the May Dairy Products report released today.
OUTSIDE MARKETS SUMMARY
July corn closed 10.75 cents higher at $7.5450. July soybeans fell 49 cents closing at $16.26 with July soybean meal down $10.20 per ton closing at $459.70. July wheat fell 37.50 cents ending at 48.3125. August live cattle jumped $2.02 closing at $134.60. August crude oil gained $2.67 closing at $108.43 pe
