MILK
The GDT's recent auction had their first Price Index increase since the beginning of December. The Price Index was up 3.2%, totaling 1,063 points. Average price of dairy products totaled $3,456 per MT, or $1.5676 per pound. A total of 32,582 MT of products were sold. In 21 rounds, there were 166 participating bidders with 116 winners. Anhydrous Milk Fat increased 4.8% to average $2.5338 per pound. Skim Milk Powder was slightly up to $1.2832 per pound. Whole Milk Powder price increased 6 cents (3.8%) to average $1.5100 per pound.
AVERAGE CLASS III PRICES
| 3 Month: | $17.67 |
| 6 Month: | $18.20 |
| 9 Month: | $18.73 |
| 12 Month: | $18.90 |
CHEESE
Cheddar price in the GDT auction increased 2.3% to average $2.2589 per pound. Spot cheese continued to fall, causing Class III milk futures to move 5 to 7 cents lower. Production is busy with spot loads being $10 under Class III. International prices are lower than domestic, creating a negative impact on exports. Cash settled cheese futures were at $1.81.
BUTTER
Butter price in the GDT increased 6.6%, or 14 cents, since the last event to total $2.1523 per pound. Butter Milk Powder was up 2%, or 4 cents, to $1.1943 per pound. Butter futures settled 0.48 to 1.50 cents lower. Class IV futures saw no trading for February, though moved 24 cents lower for March and April contracts. Nonfat dry milk futures settled 0.20 to 3.45 cents lower.
Outside Markets Summary
March corn futures fell 5 cents to settle at $6.7400 per bushel. March soybean futures declined 6 cents to $15.1525 per bushel. Soybean meal for March moved $7.60 lower to $481.40. March wheat fell a half-cent to settle at $7.4975 per bushel. February Live Cattle futures moved 25 cents lower to $160.57. Crude Oil for March increased $3.03 to end at $77.14 per barrel. NASDAQ increased 226 points to total 12,113. The Dow moved 265 points higher to 34,156.
