June 5, 2024: Dairy Week in Review

USDA announced the May Class III milk price at $18.55 per hundredweight,
up $3.50 from April and $2.24 above a year ago levels. The
Class IV price was announced at $20.50 per cwt., up 39 cents from last
month and $2.40 above year ago levels. Class III milk prices rebounded
this past week, with June through December price forecasts on the
CME now averaging $20.32 for the remainder of the year. That’s up
more than $1 from where they were last month at this time and much
stronger than earlier this spring. Class IV milk price futures have also
strengthened over the past week, with the Class IV price forecast for
the remainder of the year now averaging $22.07 per cwt., as of June 5.

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