MILK:
Both Class III and Class IV futures closed lower as traders did not believe steady or higher underlying cash prices. Traders remain in a bearish mode with skepticism over any price strength. Dairy exports dipped year-over-year for the first time in a year. March exports on a milk solids equivalent basis declined 0.4%. This is something to make note of, but overall dairy exports remain strong due to the large growth last year. The strong exports in January offset the slowing in February and the decline in March resulting in first-quarter exports up 5.0% over the first quarter last year. Economic uncertainty impacted exports allowing with reduced demand from China.
AVERAGE CLASS III PRICES:
| 3 Month: | $16.60 |
| 6 Month: | $17.59 |
| 9 Month: | $17.99 |
| 12 Month: | $18.08 |
CHEESE:
Cheese exports in March totaled 41,527 metric tons. Down 0.4% from a year ago. Year-to-date exports are up 4.2%. Whey exports totaled 49,454 metric tons, down 5.6% from a year ago. Year-to-date exports are down 1.9% from the same period a year ago. Lactose exports totaled 39,922 metric tons, up 17.7% from March 2022 with year-to-date exports up 26.2%.
BUTTER:
Butterfat exports fell 38.2% in March totaling 4,470 metric tons with year-to-date exports down 33.8%. Nonfat dry milk/skim milk powder exports declined 2.7% compared to a year ago at 78,001 metric tons with year-to-date exports up 3.1%. Whole milk powder exports totaled 1,656 metric tons, down 56.6% from March 2022. Year-to-date exports are down 48.1%.
OUTSIDE MARKETS SUMMARY:
July corn closed down 11.25 cents per bushel at $5.8125, July soybeans closed down 36.75 cents at $13.6400 and July soybean meal closed down $4.00 per ton at $426.90. July Chicago wheat closed down 13.25 cents at $6.4750. June live cattle closed down $0.45 at $163.88. June crude oil is down $0.25 per barrel at $70.86. The Dow Jones Industrial Average is down 336 points at 33,012 with the NASDAQ down 22 points at 12,343.
