MILK:
Both Class III and Class IV futures fell significantly due to the weakness of underlying cash. The April, June and July contracts closed below $18.00. The June Class IV contract closed below $18.00. The uncertainty of tariffs implemented on Canada, Mexico and China has increased the pressure. The Global Dairy Trade Auction trade weighted average price declined 0.5% from the previous event. There were 20,977 metric tons sold at an average price of 4,209 per metric ton. Anhydrous milk fat declined 0.3% to $6,681 per metric ton or $3.03 per pound. Butter increased 2.7% to $7,577 per metric ton or $3.44 per pound. Buttermilk powder declined 1.8% to $3,013 per metric ton or $1.37 per pound. Cheddar cheese gained 1.1% to $4,915 per metric ton or $2.23 per pound. Lactose jumped 14.6% to $1,1158 per metric ton or $0.53 per pound. Mozzarella gained 7.9% to $4,477 or $2.03 per pound. Skim milk powder increased 0.6% to $2,744 per metric ton or $1.24 per pound. Whole milk powder declined 2.2% to $4,061 per metric ton or $1.84 per pound.
AVERAGE CLASS III PRICES:
| 3 Month: | $17.83 |
| 6 Month: | $17.81 |
| 9 Month: | $17.96 |
| 12 Month: | $17.99 |
CHEESE:
The block cheese price plummeted to the lowest level since April 2024. The positive aspect of the market was that there were 15 unfilled bids remaining at the close of spot trading. This may indicate the market may be nearing support with buyers willing to purchase at low prices.
BUTTER:
The butter price fell to the lowest price since Dec. 23, 2021. Grade A nonfat dry milk price fell to the lowest price since July 17, 2024. The butter and nonfat dry milk markets do not suggest that a bottom is nearby. Further weaknesses may be possible.
OUTSIDE MARKETS SUMMARY:
May corn closed down 4.75 cents per bushel at $4.5150, May soybeans closed down 12.50 cents at $9.9900 and May soybean meal closed down $4.50 per ton at $293.50. May Chicago wheat closed down 11.00 cents at $5.3675. April live cattle closed up $2.40 at $194.65. April crude oil is down $0.11 per barrel at $68.26. The Dow Jones Industrial Average is down 670 points at 42,521 with the NASDAQ down 65 points at 18,285.
