May Class III Price Hits $16.38
Milk prices continue to show strong growth as Class III milk prices rose in May, the third consecutive month of price increases as reported by USDA. The price rose 42 cents to reach $16.38. The Class IV price followed suit, increasing 57 cents to $16.29.
The milk price continues to ride strong component prices. Butterfat prices paid through the Federal Order hit $2.5718, up more than 3 cents over April and more than 6 cents since January. The protein price rose as well, reaching $2.1159, up almost 3 cents from April and up nearly 50 cents from the market low set in March.
Product prices continued to show strength as well. The average butter, nonfat dry milk and cheese prices all showed increases over April prices. The only dissenter was dry whey, down 1.5 cents from the April price.