MILK:
Milk futures closed higher for the week with more optimism permeating through the market. The barrel cheese price declined over the past two days, but blocks continued to show strength. Cheese prices moved sufficiently to stimulate optimism. There is no lack of milk supply, and milk production is increasing as spring flush continues. Improving weather is increasing cow comfort and improving feed intake. The Global Dairy Trade auction took place earlier in the week. The trade-weighted average price increased 1.6%, with an average price of $4,385 per metric ton. There were 16,718 metric tons sold. Anhydrous milk gained 2.1% to $6,838 per metric ton or $3.10 per pound. Butter gained 1.5% to $7,679 per metric ton or $3.48 per pound. Cheddar cheese declined 1.8% to $4,923 per metric ton or $2.23 per pound. Lactose jumped 22.0% to $1,376 per metric ton or $0.62 per pound. Skim milk powder declined 2.3% to $2,795 per metric ton or $1.27 per pound. Whole milk powder gained 2.8% to $4,171 per metric ton or $1.89 per pound.
AVERAGE CLASS III PRICES:
| 3 Month: | $17.69 |
| 6 Month: | $17.96 |
| 9 Month: | $18.06 |
| 12 Month: | $18.03 |
CHEESE:
For the week, blocks increased by 9 cents with 14 loads traded. The weekly average price was $1.8075. Barrels increased by 3.50 cents with 14 loads traded. The weekly average price was $1.8638. Dry whey increased 1.75 cents with 8 loads traded. The weekly average price was 47.44 cents. The block cheese price has increased for 10 consecutive days, with the price moving to the highest level since Feb. 27.
BUTTER:
For the week, butter declined 0.50 cent with 38 loads traded. The weekly average price was $2.3450. Grade A nonfat dry milk gained 0.50 cent with 8 loads traded. The weekly average price was $1.1688. The butter price has been entrenched in a sideways pattern since early March and is expected to remain that way for the near term.
OUTSIDE MARKETS SUMMARY:
May corn closed down 2.00 cents per bushel at $4.8225, May soybeans closed down 2.25 cents at $10.3650 and May soybean meal closed down $1.10 per ton at $295.60. May Chicago wheat closed up 1.00 cent at $5.4875. June live cattle closed up $2.00 at $204.08. May crude oil is up $1.88 per barrel at $64.35. The Dow Jones Industrial Average is down 527 points at 39,142 with the NASDAQ down 21 points at 16,286.
