MILK
Class III milk futures are higher across all months $0.23-$0.24. Class IV futures had limited trading volume with contracts traded in June through September at 0.03-0.11 higher. Eyes will be on milk production since USDA lowered estimates last week. With unseasonably warm temperatures and harsh swings of Arctic air, you can imagine production could be affected over the last few weeks. Cattle prices climbing again make cull decisions on the forethought as well.
AVERAGE CLASS III PRICES
| 3 Month: | $17.01 |
| 6 Month: | $17.62 |
| 9 Month: | $17.95 |
| 12 Month: | $18.04 |
CHEESE
Cheese helped to set the tone for the other sectors and the cash market only loads traded were in blocks and barrels for the day. Cheese futures were also higher, with the March up 0.0300. Other board months varied from up 0.0090 to up 0.0320. Dry Whey Futures had only one contract traded versus the February up 0.3000.
BUTTER
Butter futures showed the highest gains vs the May, up 4.000 on the day. Other months varied from up 0.250 to 1.125. Nonfat dry milk futures were mixed from down 0.175 to up 1.350 on the day.
OUTSIDE MARKETS SUMMARY
March corn closed 1.5 cents per bushel higher at $4.3050, March soybeans closed 9.5 cents higher at $11.9300 and March soybean meal closed $2.10 per ton higher at $348.90. March Chicago wheat closed up 0.75 cents at $5.9750. April live cattle closed down $0.80 at $185.925. March crude oil is up $0.12 per barrel at $76.96. The Dow Jones Industrial Average is up 125 points at 38,797 with the NASDAQ down 48 points at 15,942.
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