MILK
Class III Milk futures settled higher, 14-50 cent gain on the day. Class IV futures were higher by 0-14 cents. Nonfat dry milk was more mixed, seeing gains in the February trade of 0.275 but lower in deferred bids 0.60-0.77. Dry Whey traded 1.275 to 1.90 higher. Cash markets continued the from the early morning gains we saw on the futures market, and from late last week's strength.
AVERAGE CLASS III PRICES
| 3 Month: | $16.25 |
| 6 Month: | $16.96 |
| 9 Month: | $17.37 |
| 12 Month: | $17.56 |
CHEESE
Cheese saw some action in the cash market today, with blocks trading 0.0725 cents up closing at $1.6100 with five loads traded. Barrels were up 0.0800 with six loads traded at $1.5500. Cheese futures traded 0.03-0.056 cents higher. While cheese production remains strong, we'll keep a lookout for continued demand.
BUTTER
Butter markets did not disappoint today as cash markets were 0.0425 higher at $2.8025 with two loads traded. The futures market had a nice rally in nearby with February up $4.625 and March up $1.00 however deferred months were lower by $1.00.
OUTSIDE MARKETS SUMMARY
Tough day in the grain markets with March corn down 6 cents per bushel at $4.4025, Soybeans down 15 cents at $1194.25 and Chicago Wheat down 6.75 cents at $5.935. March soybean meal closed up $5.30 per ton at $354.3. February live cattle closed down $1.075 at $177.375. March crude oil is off by $1.05 per barrel at $76.97. The Dow Jones Industrial Average is up 204 points at 38,462 with the NASDAQ up 178 points at 17,704.
