MILK
Milk production has been steady to higher the past week. Fluid demand is strong despite schools in different regions being closed. This will hopefully open up milk supply for Class II and Class III manufacturing. Weather in the Northern states has improved, increasing cow comfort.
AVERAGE CLASS III PRICES
| 3 Month: | $17.79 |
| 6 Month: | $18.79 |
| 9 Month: | $18.81 |
| 12 Month: | $19.02 |
CHEESE
Spot cheese prices saw no price movements, but barrels had some active trading. This caused Class III futures to be mixed. Cheese makers are happy with the plentiful milk supply and running busy production schedules. Some customers have cut back on larger contracts for barrels. Market cheese prices have increased in the past week, and though cheese blocks are not tight they are lighter than in recent weeks.
BUTTER
February butter futures were unchanged at the end of the day. March and April futures saw some increase. Nonfat dry milk had some weakness, putting Class IV futures lower. Butter sales are meeting sellers' expectations. Unsalted butter inventory is creeping closer to being in balance with salted butter. Export sales are light, with prices not being very competitive with other countries.
OUTSIDE MARKETS SUMMARY
March corn was up 1.75 cents, settling at $6.7775. March soybeans gained 0.75 cent to close at $15.2725 with March soybean meal down $0.30 per ton closing at $491.10. March wheat increased 0.50 cent to close at $7.6550. February live cattle increased $0.80, closing at $163.58. Crude oil for March declined $2.15 to end at $76.34 per barrel. NASDAQ fell 68 points to 11,787. The DOW increased 129 points to 33,826.
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