Class III, Class IV Continue Moving Higher
The lower trade on Friday invited buyers back to the market for Monday's session. Class III markets moved 13 cents higher and their average from now through the end of the year finished at $15.88. Class IV markets were even more robust. Prices in the month of June, July and August were up 35 cents on average from now to the end of the year. The average rose 17 cents to $15.47.
Product markets finished mostly positive as well. Block cheese rose 2 3/4 cents to finish at $1.63. However, no trades took place, it was led solely by bids. The barrel market moved the opposite direction trading 17 loads and moving a penny lower to $1.49. Butter continued its move higher moving 10 loads from seller to buyer. It rose 1/2 cent to finish at $2.32 per pound. Grade A nonfat dry milk rose 2 3/4 cents to a final price of 83 1/4. Dried wheyt remained unchanged at 31 1/2.
The USDA also released their march cold storage report showing that natural cheese rose 1% from the previous month and was up 5% from last March. Butter stocks rose 3% from February and were up just slightly from last year at the same time.