MILK
At least Class III milk futures did not fall as they had the past two days. Contracts were significantly lower prior to spot trading but came off those lows shortly after trading was finished. Traders may think about covering some of their short positions due to the increase in barrels and the large number of unfilled bids remaining at the close. However, further support will need to develop in the complex before traders will get excited about higher prices. Milk production continues to slowly improve as spring flush unfolds. The weather has been good in general for much of the country. Bottling demand is steady and not expected to change much through the rest of the school year.
AVERAGE CLASS III PRICES
| 3 Month: | $17.47 |
| 6 Month: | $18.05 |
| 9 Month: | $18.45 |
| 12 Month: | $18.53 |
CHEESE
Barrels have been bearish lately, but the market might be changing. The volume of loads being offered for sale could have kept buyers holding back. However, they purchased the 15 loads that were offered with buyers looking for more resulting in a gain of price. It will be interesting to see if that will follow through tomorrow.
BUTTER
Butter price is comfortable. Buyers and sellers are taking care of business in the country without needing to come to the spot market to purchase extra or sell extra supply. Cream availability is currently steady. Supply is expected to tighten as time progresses. Currently, plants are busy.
OUTSIDE MARKETS SUMMARY
July corn is down 6.75 cents per bushel at $6.01, July soybeans are down 2.75 cents at $14.1475, July soybean meal is down $7.60 per ton at $4.274. July Chicago wheat is down 11.00 cents at $6.42. June live cattle is up $0.55 at $164.58. June crude oil is down 2.77 per barrel at $74.30. The Dow Jones Industrial Average is down 228.960 points at 33,301.87 and the NASDAQ is up 55.19 per ounce.
