MILK:
Milk prices fell apart this afternoon after holding steady most of the morning. The tariff drama makes it difficult to be optimistic about prices when most commodities are trading lower as well as the stock market. The cash market was steady and futures holding their own until late afternoon announcements came out that there has not been enough of a change in the fentanyl problem to warrant pushing off tariffs again this month. Tariffs are set to go into effect tomorrow. Milk futures are currently down 25 to 34 cents.
AVERAGE CLASS III PRICES:
| 3 Month: | $19.24 |
| 6 Month: | $18.78 |
| 9 Month: | $18.71 |
| 12 Month: | $18.62 |
CHEESE:
Cheese prices were mixed in the cash market today. Blocks took another big step lower, closing 5.5 cents lower after closing nearly double digits lower last Friday. Barrels, on the other hand, remained steady, closing a quarter of a cent higher. Dry Whey held steady on the cash market but is trading 1 cent lower on the futures market. Cheese futures are 0.5 cents to 2.5 cents lower.
BUTTER:
Butter prices remained steady in the cash market with some demand still willing to buy today. The futures market was not so friendly, closing 1.7 cents lower to 2.5 cents lower. Tariff news will put a damper on prices as we navigate butter and cream demand going forward. Class IV futures did not have any trades today.
OUTSIDE MARKETS SUMMARY:
May corn closed down 13.25 cents per bushel at $4.5625, May soybeans closed down 14.25 cents at $10.1150 and May soybean meal closed down $2.20 per ton at $298.00. May Chicago wheat closed down 8 cents at $5.4775. April live cattle closed down $0.40 at $192.25. April crude oil is down $1.27 per barrel at $68.49. The Dow Jones Industrial Average is down 649 points at 43,191 with the NASDAQ down 497 points at 18,350.
