Monday Midday Dairy Market Update - Spot Prices Fall

OUTSIDE MARKETS SUMMARY:

CORN:	Unchanged
SOYBEANS:	6 Lower
SOYBEAN MEAL:	$2.80 Lower
LIVE CATTLE:	$0.22 Lower
DOW JONES:	1150 Points Lower
NASDAQ:	550 Points Lower
CRUDE OIL:	$1.63 Lower

MIDDAY MARKET UPDATE:

Block cheese fell 6 cents, closing at $1.7750 with one load traded. This ended the streak of daily gains that took place over the past two weeks. The barrel cheese price declined 3.35 cents, closing at $1.8075 with five loads traded. There were offers for two loads of blocks and two loads of barrels remaining at the close of spot trading. The dry whey price slipped 0.50 cent, closing at 47.75 cents with three loads traded. Class III futures were higher ahead of spot trading, with May up 38 cents before selling pressure pushed the price to double-digit losses. Futures are mixed, ranging from 20 cents lower to 21 cents higher. The butter price declined 2.25 cents, closing at $2.32 with one load traded. The Grade A nonfat dry milk price increased a penny to $1.1825 with four loads traded. Class IV futures have not yet been traded. Butter futures are 0.25 cent lower to 0.40 cent higher. Dry whey futures are steady to 1.47 cents higher.

Monday Morning Dairy Market Update - An Active Overnight Market

OPENING CALLS:

Class III Milk Futures:	Mixed
Class IV Milk Futures:	Mixed
Butter Futures:	Steady to 1 Higher

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	2 to 4 Higher
Soybean Futures:	3 to 4 Higher
Soybean Meal Futures:	Steady to $1 Higher
Wheat Futures:	1 to 2 Higher

MILK:

Milk futures have found support as underlying cash has been increasing overall. There remains uncertainty whether that can continue under the current fundamentals. Cheese and butter demand is steady and running below a year ago. However, demand is expected to improve as the year progresses. It is difficult to say whether that demand will improve sufficiently to tighten supplies and increase prices. The milk production report for March will be released on Tuesday, indicating whether cow numbers continue to increase or if lower milk prices have impacted culling. Milk futures show low milk prices may be with us through the year. This may result in increased culling and a tighter milk supply over time.

CHEESE:

Block cheese has been in greater demand as the price has increased steadily over the past two weeks. Traders remain cautious about whether that can continue much longer. The barrel cheese price has shown weakness but remains strong relative to blocks.

BUTTER:

The butter price is not expected to trend one way or the other, but to remain in a sideways pattern in the near term. The current price is similar to where it was in 2023 at this time. That year, once the price began trending higher in June, it moved to a record high by October. That is not expected to happen this year to that magnitude, but the price should trend higher. 

Thursday Closing Dairy Market Update - GDT Trade-Weighted Average Gained 1.6%

MILK:

Milk futures closed higher for the week with more optimism permeating through the market. The barrel cheese price declined over the past two days, but blocks continued to show strength. Cheese prices moved sufficiently to stimulate optimism. There is no lack of milk supply, and milk production is increasing as spring flush continues. Improving weather is increasing cow comfort and improving feed intake. The Global Dairy Trade auction took place earlier in the week. The trade-weighted average price increased 1.6%, with an average price of $4,385 per metric ton. There were 16,718 metric tons sold. Anhydrous milk gained 2.1% to $6,838 per metric ton or $3.10 per pound. Butter gained 1.5% to $7,679 per metric ton or $3.48 per pound. Cheddar cheese declined 1.8% to $4,923 per metric ton or $2.23 per pound. Lactose jumped 22.0% to $1,376 per metric ton or $0.62 per pound. Skim milk powder declined 2.3% to $2,795 per metric ton or $1.27 per pound. Whole milk powder gained 2.8% to $4,171 per metric ton or $1.89 per pound.

AVERAGE CLASS III PRICES:

3 Month:	$17.69
6 Month:	$17.96
9 Month:	$18.06
12 Month:	$18.03

CHEESE:

For the week, blocks increased by 9 cents with 14 loads traded. The weekly average price was $1.8075. Barrels increased by 3.50 cents with 14 loads traded. The weekly average price was $1.8638. Dry whey increased 1.75 cents with 8 loads traded. The weekly average price was 47.44 cents. The block cheese price has increased for 10 consecutive days, with the price moving to the highest level since Feb. 27.

BUTTER:

For the week, butter declined 0.50 cent with 38 loads traded. The weekly average price was $2.3450. Grade A nonfat dry milk gained 0.50 cent with 8 loads traded. The weekly average price was $1.1688. The butter price has been entrenched in a sideways pattern since early March and is expected to remain that way for the near term.

OUTSIDE MARKETS SUMMARY:

May corn closed down 2.00 cents per bushel at $4.8225, May soybeans closed down 2.25 cents at $10.3650 and May soybean meal closed down $1.10 per ton at $295.60. May Chicago wheat closed up 1.00 cent at $5.4875. June live cattle closed up $2.00 at $204.08. May crude oil is up $1.88 per barrel at $64.35. The Dow Jones Industrial Average is down 527 points at 39,142 with the NASDAQ down 21 points at 16,286.