Cash cheese steady, butter gained a quarter-cent and nonfat dry milk lost a quarter-cent on the Chicago Mercantile Exchange. Solid gains in the Class III futures with May up 27 cents, June gained 34 cents, October added 18 cents.
Milk production is strong in the Midwest, Northeast and Southeast as the spring-like weather is making the cows very comfortable. Class I demand has picked-up in the Southeast, Florida exported 100 loads this week compared to 130 last week. Ag Market News says California production is flat with intake volumes below a year ago. Water is the big concern, reports say there is a multi-month backlog for well drillers in the state.
The weekly Cow Slaughter under Federal Inspection report shows U.S. dairy cow slaughter for the week ending March 28, at 59,100 head, compared to 57,700 for the same week a year ago.
Bipartisan legislation was introduced in both houses of Congress on Thursday which would grant the President Trade Promotion Authority when negotiating trade deals. National Milk Producers Federation and U.S. Dairy Export Council urging fast approval saying the measure is crucial to securing well-negotiated agreements that open foreign markets to more U.S. dairy goods. USDEC President Tom Suber says Trade Promotion Authority “paves the way to press our negotiating partners to make their best offers on the most sensitive issues.”
TPA is seen as a tool the Administration needs to complete the Trans-Pacific Partnership deal.
By Bob Meyer
Source: Brownfield Ag News for America