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USDA's monthly Dairy Products report showed March cheese output at 1.229 billion lbs, down 0.2% year over year, and butter at 205 million lbs, up 1.4%. On the CME spot market, butter and nonfat dry milk rose while cheddar blocks fell 5.25 cents to $1.6125/lb and dry whey dropped.
Weaker cheese and whey spot prices pull down Class III milk values, while firmer butter and powder prices support Class IV.
dairyherd.comKnow Your MarketMay 5, 2023Not enough comparable past events yet for a historical read.
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.
Cheddar blocks fell 5.25 cents to $1.6125 and dry whey dropped, both core components of Class III value, while cheese output was only slightly below a year earlier, so supply was not tight.
