MILK
Milk futures posted firm gains Tuesday with double-digit gains seen in all May through October contract months. The focus on growing seasonal supplies as well as growing spring and summer demand for dairy products is helping to bring buyers back to the table. May futures led the Class III milk futures with gains of 43 cents per cwt, closing above $17 per cwt. April futures remain extremely weak with nearly all the market trade activity moving back into the May and June contract months as these two contract months posted trade volume of over 1,200 contracts during the Tuesday session.
AVERAGE CLASS III PRICES
| 3 Month: | $16.78 |
| 6 Month: | $17.57 |
| 9 Month: | $17.85 |
| 12 Month: | $17.89 |
CHEESE
Active trade developed in both block and barrel cheese markets Tuesday. A combined total of 18 loads traded on the exchange, with 11 loads of blocks selling and seven loads of barrel cheese trading ownership. Block cheese prices moved 4.25 cents higher while barrel cheese gained 3.75 per pound. Currently, block and barrel markets are at the same price of $1.61 per pound, which is expected to create some additional volatility and market adjustments in the coming days or weeks. The ability to build stocks for longer-term spring and summer demand needs is currently the main driver in price levels and could continue to keep markets shifting moderately over the coming days and weeks.
BUTTER
Despite limited activity early in the week, firm support quickly moved into cash butter trade with prices surging 2 cents per pound to $2.94 per pound. A total of three loads traded hands on the exchange-traded market, with two bids and three offers remaining on the trading floor uncovered and unfilled at the end of the trading time limit. The combined support across the entire dairy complex may help to spark additional interest midweek.
OUTSIDE MARKETS SUMMARY
May corn closed down 0.50 cent per bushel at $4.3100, May corn closed down 0.50 cent per bushel at $4.3100, May soybeans closed down 13.25 cents at $11.4500 and May soybeans closed down 13.25 cents at $11.4500 and May soybean meal closed down $3.20 per ton at $335.30. May soybean meal closed down $3.20 per ton at $335.30. May Chicago wheat closed down 2.00 cents at $5.4975. May Chicago wheat closed down 2.00 cents at $5.4975. June live cattle closed up $1.90 at $175.73. June live cattle closed up $1.90 at $175.73. May crude oil is up .02 per barrel at $85.43. The Dow Jones Industrial Average is up 155 points at 37,885 and NASDAQ is up 35 per ounce at 15,924.
