MILK
Milk futures struggled today with both butter and cheese prices under pressure. The higher dry whey price had little influence on Class III contracts today. Hot weather is the topic most discussed this week as very high temperatures are taking place in areas and impacting cow comfort. Milk production generally declines in the summer, but some areas have seen record temperatures. This has tightened the milk supply in some areas but has not resulted in a shortage. May dairy exports were lower than a year earlier with milk solid equivalents down 5%. Exports to Southeast Asia declined significantly from a year ago. Year-to-date exports declined by 2% with the export value down 6%.
AVERAGE CLASS III PRICES
| 3 Month: | $20.03 |
| 6 Month: | $20.01 |
| 9 Month: | $19.56 |
| 12 Month: | $19.27 |
CHEESE
Cheese exports in May were strong at 48,029 metric tons, up 46.6% from a year earlier. Year-to-date exports are up 28.0%. Whey exports increased by 16.6% to 45,717 metric tons from May 2023 with year-to-date exports up 3.9%. Whey protein concentrate +80 exports increased by 18.8% totaling 7,663 metric tons with year-to-date exports up 23.2%. Lactose exports declined by 17.4% totaling 34,197 metric tons with year-to-date exports running 9.2% below a year ago.
BUTTER
Butterfat exports in May totaled 2,980 metric tons down 18.0% from May 2023. Year-to-date exports are 15.8% lower than the same period last year. Exports of nonfat dry milk/skim milk powder totaled 60,586 metric tons, 24.2% below a year ago. Year-to-date exports are down 11.4% from last year. Whole milk powder declined 14.9% in May totaling 2,314 metric tons with year-to-date exports down 7.2% compared to the previous year.
OUTSIDE MARKETS SUMMARY
December corn closed up 3.50 cents per bushel at $4.1075, November soybeans closed up 0.75 cent at $10.6775 and December soybean meal closed down $.90 per ton at $315.50. September Chicago wheat closed up 9.75 cents at $5.7125. August live cattle closed steady at $182.25. August crude oil is up $0.83 per barrel at $82.93. The Dow Jones Industrial Average is up 32 points at 39,754 with the NASDAQ down 364 points at 18,283.
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