MILK
Class III futures traded lower today, taking back some of the small gains we had earlier in the week. Production is still high due to the time of year, however the volume of trade shows plenty of interest in the market, especially with the May futures contract having over 1400 in contracts traded for the day.
AVERAGE CLASS III PRICES
| 3 Month: | $16.81 |
| 6 Month: | $17.59 |
| 9 Month: | $17.86 |
| 12 Month: | $17.90 |
CHEESE
Cheese futures had a small decline today, settling 0.5 cents to 1.3 cents lower. The underlying cash market was steady, so it is expected to remain in a sideways trading pattern for the time being.
BUTTER
Butter futures also took a step back today, trading 1 to 4 cents lower, which continued from the 1.5 cent decline we saw in the cash market.
OUTSIDE MARKETS SUMMARY
May corn closed 0.75 cents per bushel lower at $4.3025, May soybeans were 4.5 cents higher at $11.4950 and May soybean meal increased $3.40 per ton, settling at $338.70. May Chicago wheat closed 12.75 cents lower at $5.37. June live cattle closed $0.40 lower at $175.325. May crude oil is $2.56 per barrel lower at $82.80. The Dow Jones Industrial Average is down 45 points at 37,753 with the NASDAQ down 182 points at 15,683.
