MILK:
Milk futures posted the second day of losses for most contracts. Cheese buyers backed away from the market after a nice increase. Some Class III and IV contracts are holding above $19.00. Overall, it has been a good week for milk futures, but the weakness ahead of the weekend will give traders something to think about. Dairy exports did well in March, with the export volume up 3.0% above March 2024. Export volume for the first quarter is 0.5% below the same period last year. The uncertainty over tariffs and the impact they would have on dairy exports seems to have been absorbed, as there has not been any impact on dairy export volume and demand. World dairy prices continue to increase, leaving U.S. dairy products competitive internationally.
AVERAGE CLASS III PRICES:
| 3 Month: | $18.49 |
| 6 Month: | $18.73 |
| 9 Month: | $18.59 |
| 12 Month: | $18.45 |
CHEESE:
For the week, blocks increased 5.75 cents with 43 loads traded. The weekly average price was $1.8075. Barrels increased 1.25 cents with 16 loads traded. The weekly average price was $1.7870. Dry whey increased 2.25 cents with one load traded. The weekly average was $0.5360. Cheese exports in March were 1.5% below March 2024, totaling 49,287 metric tons. This ended a streak of 15 consecutive months of year-over-year increases. Lactose exports declined 0.8%, totaling 36,019 metric tons. Whey exports increased 3.2%, reaching 46,828 metric tons. Exports of whey protein concentrate +80 decreased by 2.0%, totaling 8,800 metric tons.
BUTTER:
For the week, butter remained unchanged with 21 loads traded. The weekly average price was $2.3305. Nonfat dry milk increased 1.25 cents with 22 loads traded. The weekly average price was $1.2060. Butterfat exports in March totaled 8,134 metric tons, up 202.9% over March 2024. Nonfat dry milk/skim milk powder exports totaled 64,757 metric tons, up 1.4% from a year ago. Whole milk powder increased 9.0% to 2,599 metric tons.
OUTSIDE MARKETS SUMMARY:
July corn closed up 2.25 cents per bushel at $4.4975, July soybeans closed up 6.75 cents at $10.5175 and July soybean meal closed down $.60 per ton at $294.10. July Chicago wheat closed down 7.50 cents at $5.2175. June live cattle closed up $0.43 at $214.68. June crude oil is up $1.17 per barrel at $61.08. The Dow Jones Industrial Average is down 119 points at 41,249, with the NASDAQ up one point at 17,929.
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