MILK:
It has been a good week for Class III milk futures. The June Class III contract closed higher each day as the block cheese price increased. Dairy Market News reports that spring flush continues in most areas. Spot milk is available with limited activity. Most plants are running on full schedules and show little interest in purchasing milk that is available at a discount. The average soybean meal price was released at $303.80 per ton. This was $0.98 below February and $58.37 per ton below March 2024. The income over feed price for March was $11.55. This is $2.05 above the level at which payment would be made under the Dairy Margin Coverage Program.
AVERAGE CLASS III PRICES:
| 3 Month: | $18.15 |
| 6 Month: | $18.34 |
| 9 Month: | $18.28 |
| 12 Month: | $18.20 |
CHEESE:
For the week, blocks increased 6 cents with 28 loads traded. The weekly average price was $1.7330. Barrels increased 5 cents with 12 loads traded. The weekly average price was $1.7195. Dry whey increased 1.50 cents with five loads traded. Spot milk prices are $7.00 below class, indicating plentiful milk supplies. Domestic cheese demand is termed as steady to higher in some places.
BUTTER:
For the week, butter increased 5 cents with 20 loads traded. The weekly average price was $2.29. Grade A nonfat dry milk increased 0.75 cent with 22 loads traded. The weekly average price was $1.1850. Ice cream and cream cheese production are slower than anticipated for this time of year. That leaves more cream available for butter production than there usually is at this time. Butter output remains heavy, with a good volume being absorbed by the market. Inventory in December was 11% above a year ago. Inventory in January was 9% above the previous year. Inventory in March was 4% above a year ago. An increase in demand could bring the butter supply down to the level it was last year.
OUTSIDE MARKETS SUMMARY:
July corn closed down 3.25 cents per bushel at $4.6900, July soybeans closed up 7.75 cents at $10.5800 and July soybean meal closed up $2.60 per ton at $296.90. July Chicago wheat closed up 12.00 cents at $5.4300. June live cattle closed up $1.45 at $211.10. June crude oil is down $0.85 per barrel at $58.39. The Dow Jones Industrial Average is up 564 points at 41,317, with the NASDAQ up 267 points at 17,978.
