MILK
It was a roller coaster ride this week as early strength gave way to substantial weakness on Thursday and then rebounded today. However, both Class III and Class IV futures were lower for the week but did come back nicely today. Traders would like to see prices increase but remain cautious due to the time of year and somewhat slower demand. South Dairy Trade showed higher prices in most categories. Dairy products moving through ports in Argentina during the second half of February totaled 11,338.35 tons moving to 31 destinations. Whole milk price was down 1.1% at $3,388.36 per ton from the previous period. Skim milk powder increased by 3.9% to $3,194.40 per ton or $1.45 per pound. Semi-hard cheese increased 0.3% to $3,926.26 per ton or $1.78 per pound. The hard cheese price remained unchanged from the last time at $6,110.49 per ton or $2.77 per pound. Dairy products moving through ports in Uruguay during the second half of March totaled 5,044.50 tons going to 27 destinations. The whole milk powder price declined 1.9% to $3,409.19 or $1.55 per pound. Skim milk powder increased 1.4% to $3,107.26 per ton or $1.41 per pound. Semi-hard cheese declined 3.2% to $4,720.67 per ton or $2.14 per pound. March cheese increased 1.3% to $6,376.79 per ton or $2.89 per pound. Buttermilk increased by 2.8% to $2,3789.51 per ton or $1.08 per pound.
AVERAGE CLASS III PRICES
| 3 Month: | $15.91 |
| 6 Month: | $16.80 |
| 9 Month: | $17.37 |
| 12 Month: | $17.52 |
CHEESE
For the week, blocks increased by 2 cents with 44 loads traded. Barrels increased by 4.75 cents with 20 loads traded. Dry whey decreased by 3 cents with 26 loads traded. Buyers were able to pick up a good volume of supply without having to chase the market.
BUTTER
For the week, butter declined 2 cents with 14 loads traded. Grade A nonfat dry milk gained a penny with nine loads traded. The butter price declined more than expected during the week but regained some of the loss. There is likely limited downside risk for butter price, but the market will remain choppy.
OUTSIDE MARKETS SUMMARY
May corn closed up 6.75 cents per bushel at $4.3550, May soybeans closed up 14.75 cents at $11.7400 and May soybean meal closed up $8.80 per ton at $344.40. May Chicago wheat closed up 4.25 cents at $5.5600. June live cattle closed down $2.43 at $171.48. May crude oil is up $0.64 per barrel at $85.66. The Dow Jones Industrial Average is down 476 points at 37,983 with the NASDAQ down 267 points at 16,175.
