MILK
All milk futures closed lower than a week ago. The pressure from underlying cash weakness pushed prices down nearly every day. After a brief period of hope that milk prices were going to improve and maybe follow a similar pattern as last year, that has been reversed over the past two weeks. June, July, and August contracts made new lows again today. Class IV futures continue to fall with contracts through the end of the year now below Class III futures. Fluid milk sales in January were 0.6% below January 2022. Whole milk sales increased 1.2%; flavored whole milk fell 17.0%; reduced fat milk decreased 2.0%; low fat milk decreased 4.0%; fat-free skim milk decreased 6.2%; flavored fat-reduced milk increased 0.3%; buttermilk sales jumped 7.0% with other milk product sales up 10.5%. Organic whole milk sales increased 10.2%; organic flavored whole milk fell 60.9%; organic reduced fat milk increased 1.1%; Organic low-fat milk increased 1.3%; organic fat-free milk sales decreased 6.8% and organic flavored fat-reduced milk sales up 8.7%. Markets will be closed tomorrow in observance of Good Friday and will reopen Sunday night at the regular time.
AVERAGE CLASS III PRICES
| 3 Month: | $18.27 |
| 6 Month: | $18.67 |
| 9 Month: | $18.91 |
| 12 Month: | $18.88 |
CHEESE
For the week, block cheese price declined 2 cents with 16 loads traded. Barrel cheese declined 8.75 cents with 15 loads traded. Dry whey declined 8.25 cents with 17 loads traded. It has been a long time since we have seen dry whey decline this amount during the course of a week much less a shortened holiday week. Some manufacturers report strong retail and food service demand with most of their cheese production committed through the month of April. This varies depending on location and variety.
BUTTER
For the week, butter declined 8 cents with 7 loads traded and Grade A nonfat dry milk declined 3.50 cents with 2 loads traded. With the increase of cream supplies recently, churns remain active as they utilize the available cream. Current production is meeting demand as well as building inventory. Retail demand has settled down to the usual after Easter demand was satisfied.
OUTSIDE MARKETS SUMMARY
May corn declined 9,25 cents closing at $6.4350. May soybeans fell 18.50 cents closing at $14.9250 with May soybean meal up $3.70 per ton closing at $454.30. May wheat declined 6.50 cents ending at $6.7550. April live cattle jumped $2.67 ending at $171.07. May crude oil. The Dow gained 3 points closing at 33,485 while the Nasdaq gained 91 points closing 12,088.
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