MILK:
Milk futures are unable to hold gains. The strength in the underlying cash continues to have limited upside gains. It will be difficult for futures to move higher or hold gains as traders will be quick to liquidate positions on any price weakness. Although cheese inventory is lower than last year, supply is available for demand. Milk production has been increasing seasonally, and production will improve as spring flush materializes. It is uncertain whether milk output could exceed last year. There are higher cow numbers, but milk production per cow is expected to be lower than a year ago. Exports in January exceeded January 2024, providing optimism. Total exports were 0.4% higher than a year earlier. The value of those exports was 20% higher than in January 2024.
AVERAGE CLASS III PRICES:
| 3 Month: | $17.89 |
| 6 Month: | $17.89 |
| 9 Month: | $18.14 |
| 12 Month: | $18.09 |
CHEESE:
For the week, blocks gained 7 cents with 26 loads traded. The weekly average price was $1.6950. Barrels gained 6 cents with 13 loads traded the weekly average price was $1.6680. Dry whey declined by 4 cents with five loads traded. The weekly average price was 47.15 cents. Cheese exports in January totaled 46,680 metric tons, up 22% from January 2024. Dry whey product exports totaled 50,286 metric tons, up 15%. Of the total, whey was up 14%, totaling 43,448 metric tons, with whey protein concentrate 80+ exports totaling 6,838 metric tons, up 1%. Lactose exports declined 14% from January 2024, totaling 31,848 metric tons.
BUTTER:
Butterfat exports jumped 145% from a year earlier totaling 7,101 metric tons. Nonfat dry milk/skim milk powder exports declined 20%, totaling 46,775 metric tons. Whole milk powder gained 4%, totaling 1,240 metric tons. Milk protein concentrate exports jumped 39%, totaling 4,368 metric tons.
OUTSIDE MARKETS SUMMARY:
May corn closed down 6.75 cents per bushel at $4.5850, May soybeans closed up 5.25 cents at $10.1600 and May soybean meal closed down $1.20 per ton at $305.90. May Chicago wheat closed down 5.50 cents at $5.5700. April live cattle closed up $1.13 at $203.18. April crude oil is up $0.63 per barrel at $67.18. The Dow Jones Industrial Average is up 675 points at 41,488 with the NASDAQ is up 451 points at 17,754.
