Butter Remains Resilient

OUTSIDE MARKETS SUMMARY:

MIDDAY MARKET UPDATE:

The block cheese price declined 0.75 cent, closing at $1.4675 with no loads traded. Apparently, blocks have not yet found a bottom. The barrel cheese price remained unchanged at $1.44 with no loads traded. The dry whey price slipped 0.25 cent to close at 67.50 with 2 loads traded. Class III futures are 11 cents lower to 7 cents higher. The only gain is seen in the April 2027 contract. The butter price remained steady at $1.7100 with 26 loads traded. The price initially declined to $1.6725 before buyers became aggressive and supported the maket. There were 6 unfilled bids and 26 uncovered offers remaining at the close of spot trading. Grade A nonfat dry milk declined 0.50 cent to close at $2.1450 with 5 loads traded. Class IV futures are 9-32 cents lower. Butter futures are 3.25 cents lower to 1.00 cents higher. Dry whey futures are 0.50 cent lower to 0.25 cent higher. Cheese futures are 1.40 cents lower to 0.40 cent higher. The May Federal Order class prices will be announced today.