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Lower-than-expected U.S. milk production lifted Class III milk futures on April 23, with the May contract rising as high as $18.80 per hundredweight despite weaker spot cheese prices. Spot dry whey climbed to $0.50 per pound while CME cheese blocks slipped to $1.76.
Tighter milk supply supports Class III prices, while cheese and whey export demand and a wide global price gap give some buyers reason to search for product. Feed buyers should watch for higher dairy-based feed ingredient costs.
dairyherd.comEver.AgApr 23, 2025After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
