MILK
It was a volatile week for milk futures with prices initially moving significantly higher only to fall back substantially. Class III futures closed lower for the week while Class IV futures posted gains. The dry whey price showed the most strength with the price closing the week at the highest level since February 27. Milk production is steady to lower depending on the area of the country. The spring flush is finished with milk production slipping from its peak. The potential for higher milk prices will be an incentive for dairy farms to push the cows as much as possible to maintain a strong level of milk production. Cow culling is expected to slow as more cows will be kept in the barn as long as they can pay for themselves even with lower milk production. Dairy exports in April increased 3% above a year ago.
AVERAGE CLASS III PRICES
| 3 Month: | $19.96 |
| 6 Month: | $19.96 |
| 9 Month: | $19.62 |
| 12 Month: | $19.42 |
CHEESE
For the week, blocks gained 3.25 cents with 13 loads traded. Barrels gained 1.50 cents with 13 loads traded. The dry whey price increased 5.50 cents with seven loads traded. April cheese exports increased 27% above April 2023 totaling 46,270 metric tons. The volume was second only to March as the most cheese shipped in a month. High protein WP+80 whey exports increased 26% from a year earlier totaling 1,459 metric tons.
BUTTER
For the week, butter increased by 0.25 cent with five loads traded. Grade A nonfat dry milk gained 2.75 cents with 31 loads traded. It was unusual to see that many loads traded during a single week. Butterfat exports in April finally moved above a year ago and the first time since November 2022. Exports increased 23% from April 2023. Butterfat exports may have finally turned the corner and might continue to show gains in the coming months. Nonfat dry milk/skim milk powder exports slipped 2% totaling 33,127 metric tons.
OUTSIDE MARKETS SUMMARY
July corn closed down 3.25 cents per bushel at $4.4875, July soybeans closed down 20.75 cents at $11.7925 and July soybean meal closed down $2.10 per ton at $360.70. July Chicago wheat closed down 12.00 cents at $6.2750. August live cattle closed down $0.30 at $177.18. July crude oil is down $0.25 per barrel at $75.30. The Dow Jones Industrial Average is down 87 points at 38,799 with the NASDAQ down 40 points at 17,133.
