MILK
Spot milk prices are $1.00 under to $1.50 over class. This is vastly different from a year ago when spot milk prices were significantly under class. Milk production continues to decline as summer weather takes its toll on cow comfort. However, production continues to hold well despite the decline leaving sufficient milk available for demand. Milk production per cow in March was down 3 pounds totaling 2,105 pounds. The state with the highest milk production per cow in 2023 was Michigan. Wyoming showed the second-highest milk production per cow with Colorado third, Texas fourth, and New York fifth. The other five states that make up the top 10 in production per cow are Wisconsin at sixth followed by Idaho at seventh, Nebraska at eighth, Iowa at ninth, and New Mexico at number 10.
AVERAGE CLASS III PRICES
| 3 Month: | $20.25 |
| 6 Month: | $20.27 |
| 9 Month: | $19.69 |
| 12 Month: | $19.34 |
CHEESE
Some cheese manufacturers have indicated that demand has been a bit lower than in recent weeks. This is not considered a change in demand but is likely weather-related. Hot weather may have impacted the usual consumption pattern of cheese. It may also be just an off week for demand as happens at times throughout the year. Spot milk prices range from $1.00 below class to as much as $1.50 over class. This may have an influence on the decision of some plants to reduce production rather than purchase their usual amount of spot milk to keep plants running full.
BUTTER
The weakness of butter today was a bit of a surprise but not an indication that the price will trend lower. The surprise was the number of loads traded during the spot trading period. It was a buyer's market as they purchased 21 loads to fill orders and increase supply for later demand. This showed that the butter supply is not tight even though the cream supply is tightening.
OUTSIDE MARKETS SUMMARY
December corn closed down 6.75 cents per bushel at $4.0500, November soybeans closed up 2.00 cents at $10.4300 and December soybean meal closed down $.60 per ton at $311.50. September Chicago wheat closed down 4.00 cents at $5.3525. August live cattle closed down $2.03 at $182.25. August crude oil is down $0.03 per barrel at $82.82. The Dow Jones Industrial Average is down 533 points at 40,665 with the NASDAQ down 126 points at 17,871.
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