After a skittish finish to last week’s spot sale, the offers showed up in cheese today. Early day buying had May Class III milk touching over $18.50, a level we haven’t seen since late February. Cheddar blocks and barrels had early offers but ended the day down. This triggered a whiplash effect in June Class III, with a high of $17.74 prior to spot, and a low at $17.11 after. The second half of the year found some life and held on better after spot concluded. USDA’s Milk Production report tomorrow will give a look at how California has bounced back from bird flu and should drive markets the rest of the week.
Today’s Highlights from Ever.Ag’s Know Your Markets
- CME cheese markets started the week with a tumble. Blocks fell six cents to $1.7750 per pound, while barrels slipped to $1.8075, $0.0325 lower. One lot of blocks and five of barrels traded. Spot butter declined to $2.3200 per pound, shedding $0.0225, with one load exchanged. CME NDM was the only market to see green. The spot price ticked up a penny to $1.1825 per pound, the highest price since early March. Four lots changed hands.
- The May Class III contract dropped 14 cents to $18.16 per hundredweight. Q3 futures were mixed, settling at $18.24, a two-cent gain. Class IV futures jumped higher, with Q3 contracts closing at $18.59 per hundredweight, adding 24 cents.
- According to USDA’s Crop Progress report, 12% of the US corn crop was in the ground as of April 20. That compares to 11% last year and 10% on the five-year average. Soybean planting reached 8%, up from 7% in 2024 and the five-year average of 5%.
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