MILK
Class I bottling demand is strong and hasn't been affected by the recent winter weather activity. Production is sitting well with most Classes. Class III spot prices are $10 under class. Condensed skim milk is available. California milk production is reported to be higher in some areas. Transpiration of milk has been steady despite recent weather challenges. Cream is widely available for all users despite cream multiples pushing higher.
AVERAGE CLASS III PRICES
| 3 Month: | $17.73 |
| 6 Month: | $18.23 |
| 9 Month: | $18.73 |
| 12 Month: | $18.90 |
CHEESE
Class III milk futures settled lower at the end of the day, moving 8 cents to 27 cents. While there was active spot trading, cheese price declined. Cash cheese futures settled lower at $1.80 to $1.84. Demand has been softening the past week due to the decline in retail sales, and international prices are lower than domestic price.
BUTTER
Butter futures saw positive movement at the end of the day, with futures moving 0.95 cents to 1.72 cents higher. Production of butter has been increasing recently, and inventory has been sitting well. Class IV milk futures were unchanged to 10 cents higher. Nonfat dry milk futures were unchanged to 1.25 cents higher.
Outside Markets Summary
Corn futures for March increased 1.50 cents to settle at $6.7900 per bushel. March soybean futures declined 10.75 cents to $15.2125 per bushel. Soybean meal ended at $489.00 per done, declining $7.50. March wheat fell 6.50 cents to close at $7.5025 per bushel. February Live Cattle futures moved 55 cents higher to settle at $160.83. March crude oil moved $1.05 higher to end at $74.44 per barrel. The Nasdaq declined 119 points to 11,887. The Dow moved 34 points lower to 33,891.
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