MILK:
Milk production is higher than a year ago. The spring flush is past its peak, but output remains strong. Reports from the Eastern region of the country indicate that milk output and components are higher than a year ago. More milk is moving to manufacturing due to schools being closed for the summer, resulting in higher cheese production. More cheese is available to the market, with sellers moving it to the spot market to limit inventory building at the plant level. Dairy exports declined 5% in April. Much of the weakness came from significant declines in whey and nonfat dry milk due to the trade tensions with China. Low-protein whey exports to China declined 37% from a year ago. Cheese exports decreased by 60%, and nonfat dry milk/skim milk powder exports decreased by 50%. It was not as bad as it sounds, as China imports low volumes of cheese and nonfat dry milk/skim milk powder. However, it is a concern as lower exports to China may continue.
AVERAGE CLASS III PRICES:
| 3 Month: | $18.60 |
| 6 Month: | $18.82 |
| 9 Month: | $18.70 |
| 12 Month: | $18.58 |
CHEESE:
April cheese exports totaled 49,392 metric tons, up 7.5% from April 2024. Year-to-date exports are up 7.1%. Whey exports fell 20.5%, totaling 36,023 metric tons. Year-to-date exports are 4.1% lower than a year ago. Whey protein concentrate +80 exports totaled 8,643 metric tons, up 22.7% from a year ago, with year-to-date exports up 12.3%. Lactose exports increased 11.3%, totaling 36,541 metric tons, with year-to-date exports down 3.0%.
BUTTER:
April butterfat exports jumped 159.0% from April 2024, totaling 8,497 metric tons. Year-to-date exports are 180.8% above the same period last year. Nonfat dry milk/skim milk powder exports fell 21.2%, totaling 51,492 metric tons, with year-to-date exports down 16.2%.
OUTSIDE MARKETS SUMMARY:
July corn closed down 1.75 cents per bushel at $4.3700, July soybeans closed down 7.25 cents at $10.5050 and July soybean meal closed down $1.70 per ton at $294.20. July Chicago wheat closed down .25 cent at $5.3425. August live cattle closed down $0.18 at $218.03. July crude oil is up $3.05 per barrel at $68.03. The Dow Jones Industrial Average is down one point at 42,866, with the NASDAQ down 99 points at 19,616.
