GENERAL OVERVIEW:
Outside of Grade A Non-Fat Dry Milk making new highs yet again today, the cash market traded lower in most sectors. Futures followed suit into the afternoon with the whole screen trading in the red.
MILK:
Class III milk futures sold off by noon, trading 10 to 28 cents lower and holding steady into the closing bell. Class IV milk futures took a break today with the sell-off of the rest of the market. Milk supply is plentiful and expected to increase as spring is here.
AVERAGE CLASS III PRICES:
| 3 Month: | $17.32 |
| 6 Month: | $18.04 |
| 9 Month: | $18.23 |
| 12 Month: | $18.06 |
CHEESE:
Block cheese fell in the cash trade today, while barrels had no interest and no price movement. Traders are expecting cheese prices to trade flat over the next few weeks. Dry Whey took a 3-cent hit in the cash market, trading at 68 cents. Futures initially followed suit; however, they made a small recovery towards the end of the day, trading 0.95 to 1.925 cents lower.
BUTTER:
Butter fell sharply in the cash market, falling 5.25 cents. Butter futures took cash's lead and closed around 5 cents lower on most nearby contracts. The butter supply is plentiful, and buyers do not have to work too hard to find product to purchase. There is demand for butter, but the strong supply makes it difficult to get the market too excited, especially heading into spring.
OUTSIDE MARKETS SUMMARY:
May corn closed down 2.75 cents per bushel at $4.4850, May soybeans closed down 3.25 cents at $11.6375 and May soybean meal closed down $1.70 per ton at $332.70. May Chicago wheat closed up 4.75 cents at $5.9850. June live cattle closed down $3.45 at $247.63. May crude oil is up 2.06 per barrel at $93.35. The Dow Jones Industrial Average is up 115 points at 48,578 and NASDAQ is up 86 points at 24,102.
