Milk prices retracted further during May.
According to the USDA’s announcement of class prices on June 2, the Class III price fell 10 cents — to $10.83 for May. One year ago it was $13.77.
The Class II and IV prices also fell. The Class II price declined 24 cents — to $11.13. The Class IV price was announced at $10.33, a mere 3-cent loss from April. One year ago, the Class II and IV prices were $12.78 and $12.20, respectively.
Despite downward pressure on milk prices, cheese prices advanced at the Chicago Mercantile Exchange during May. Blocks climbed from a weekly average of $1.16 per pound on May 5 to a weekly average of $1.215 for the week ending May 26. Barrels also advanced during the month. The weekly average barrel price stood at $1.129 on May 5. It rose to $1.19 for the week ending May 26.