MILK
Milk futures were higher today with another decent-sized volume day sitting at over 900 futures contracts traded in the May Class III futures contract. Milk supply will steadily increase over the next couple months with spring flush.
AVERAGE CLASS III PRICES
| 3 Month: | $16.19 |
| 6 Month: | $17.06 |
| 9 Month: | $17.44 |
| 12 Month: | $17.55 |
CHEESE
Underlying cheese prices saw limited loads traded today however a 3.25 cent increase in blocks for the day while barrels remained unchanged. Cheese futures were unchanged to 4 cents higher the majority of the day.
BUTTER
Underlying butter prices did not generate any excitement for the trade. We saw no action in the cash market, with no bids or offers. That leaked over to butter futures showing mixed trading most of the day with no clear direction. Nearby months traded flat to slightly higher while deferred months were lower.
OUTSIDE MARKETS SUMMARY
May corn closed 4.00 cents per bushel lower at $4.3150, May soybeans closed down 15.75 cents at $11.5825 and May soybean meal closed $5.90 per ton lower at $338.50. May Chicago wheat closed 4.25 cents lower at $5.5175. June live cattle closed $2.35 higher at $173.825. May crude oil is $0.07 per barrel lower at $85.60. The Dow Jones Industrial Average is down 268 points at 37,715 with the NASDAQ down 293 points at 15,884.
