MILK
Milk futures were lower Thursday, solidified by lower underlying cash prices across the board. Class III milk settled 10-34 cents lower on the day. Class IV futures finally traded later this afternoon with no action earlier in the day. Prices were down 5-23 cents in the front months with no trades in the deferred months.
The January Agricultural Prices Report was released this afternoon. The Dairy Index was at 100%, down 2.4% from last month and 13% lower than one year ago. January All-Milk price was $20.10 per cwt, 50 cents lower than last month and $3 lower than last year. The milk-to-feed price ratio was $1.98 versus $2 last month and $1.73 last year. Hay prices were $189 per ton, down $2 from December and $39 lower than January 2023. Alfalfa came in at $202 per ton, $3 lower than last month and $61 lower than last year. The 5 State Total for Premium/Supreme Hay was reported at $274 per ton, only $1 lower than last month and $54 lower than January 2024.
Milk cow prices at $1,890, $40 higher than December and $170 higher than last year. Corn prices were $4.74 per bushel, down 6 cents from last month and $1.89 lower than last year. Soybeans were reported at $12.80 per bushels, 30 cents lower than last month and $1.70 lower than January 2023.
AVERAGE CLASS III PRICES
| 3 Month: | $17.23 |
| 6 Month: | $17.71 |
| 9 Month: | $18.04 |
| 12 Month: | $18.06 |
CHEESE
Cheese futures settled 1.5-2.9 cents lower on the day. We saw the spot market off 1-2 cents as well today.
BUTTER
Butter futures settled lower by 1-4 cents on the day. Underlying cash was lower, however, one item to note was eight bids left unfilled at the close. This indicates that we have demand waiting to be filled.
OUTSIDE MARKETS SUMMARY
March corn closed up 2.5 cents per bushel at $4.1575 on First Notice Day and May was up 1 cent at $4.295. March soybeans closed 5.75 cents lower at $11.2825 and May soybeans 4.5 cents lower at $11.4075. March soybean meal closed up $2 per ton at $333.30. March Chicago wheat closed up 6.5 cents at $5.7750. April live cattle closed down 77.5 cents at $185.35. April crude oil is down 28 cents per barrel at $78.26. The Dow Jones Industrial Average is up 47 points at 38,996 with the NASDAQ up 144 points at 16,091.
