Class III milk futures held steady with small gains of 3 to 27 cents higher. With milk sales lower, there is little to be excited about in the milk market this early in the year. Tomorrow, the USDA will release the Milk Production and Cold Storage reports to give a little news and hopefully some direction to these markets.
AVERAGE CLASS III PRICES:| 3 Month: | $19.42 |
| 6 Month: | $19.14 |
| 9 Month: | $19.05 |
| 12 Month: | $19.00 |
Cheese prices were mixed from 0.4 cents lower to 2 cents higher, somewhat lackluster trade after blocks rallied 4 cents in the cash market earlier today.
BUTTER:Butter prices declined yet again today. Trading 1.5 to 1.75 cents lower on the futures market and 1 cent lower in the cash market. We are keeping an eye on cream supplies to give any indication of demand returning to the butter market but so far, no news to drive us higher.
OUTSIDE MARKETS SUMMARY:March corn closed up 5.5 cents per bushel at $4.8925, March soybeans closed up 9.5 cents at $10.6550 and March soybean meal closed down $0.50 per ton at $315.30. March Chicago wheat closed unchanged at $5.5400. February live cattle closed up $1.05 at $201.10. March crude oil is down $1.22 per barrel at $74.22. The Dow Jones Industrial Average is up 408 points at 44,565 with the NASDAQ is up 44 points at 20,053.
