MILK:
The Global Dairy Trade Auction took place earlier this week, with the trade-weighted average down 4.1% from the previous event. This is the fourth consecutive auction showing a decline. There were 25,705 metric tons of dairy products sold at an average price of $4,274 per metric ton. Anhydrous milk fat declined 4.2% to $6,928 per metric ton or $3.14 per pound. Butter declined 4.3% to $7,522 per metric ton or 3.41 per pound. Buttermilk powder jumped 9.3% to $3,124 per metric ton or $1.42 per pound. Cheddar cheese declined 2.8% to $4,860 per metric ton or $2.20 per pound. Lactose gained 4.2% to $1,375 per metric ton or $0.62 per pound. Skim milk powder declined 1.7% to $2,718 per metric ton or $1.23 per pound. Whole milk powder declined 5.1% to $3,859 per metric ton or $1.75 per pound. Mozzarella cheese slipped 0.2% to $4,790 per metric ton or $2.17 per pound. The market will be closed on Friday and will reopen on Sunday evening.
AVERAGE CLASS III PRICES:
| 3 Month: | $18.28 |
| 6 Month: | $18.61 |
| 9 Month: | $18.43 |
| 12 Month: | $18.33 |
CHEESE:
For the week, blocks increased 6.50 cents with 26 loads traded. Barrels increased 5.50 cents with 10 loads traded. Dry whey increased 2.25 cents with 10 loads traded. American cheese production totaled 512 million pounds, up 5.6% above May 2024, according to the USDA's Dairy Products report. Italian-type cheese production totaled 517 million pounds, up 2.4% from a year earlier. Total cheese output reached 1.25 billion pounds, up 3.3% from May 2024. Dry whey output totaled 72.7 million pounds, up 6.5%. Lactose output reached 94.3 million pounds, up 1.7%. Whey protein concentrate totaled 40.9 million pounds, down 6.5%.
BUTTER:
For the week, butter increased 4.25 cents with 20 loads traded. Grade A nonfat dry milk increased by one cent with 29 loads traded. This may be the first week that the volume of nonfat dry milk traded was higher than any other category. Butter production in May totaled 212 million pounds, up 3.5% from May 2024. Nonfat dry milk production totaled 158 million pounds, down 5.6%. Skim milk powder production totaled 47.8 million pounds, down 3.8%. Regular ice cream production totaled 64.1 million gallons, down 4.4% from a year earlier.
Outside Markets Summary:
December corn closed up 3.50 cents per bushel at $4.3700, November soybeans closed up 1.25 cents at $10.4925 and December soybean meal closed up $1.40 per ton at $292.20. September Chicago wheat closed down 7.25 cents at $5.5675. August live cattle closed up $1.60 at $214.05. August crude oil is down $0.45 per barrel at $67.00. The Dow Jones Industrial Average is up 344 points at 44,829, with the NASDAQ up 208 points at 20,601.
