In Class III trade at the Chicago Mercantile Exchange, milk futures were lower, under another round of fundamental pressure. May was down $.04 at $13.17, June was $.09 lower at $13.26, July was down $.07 at $13.51, and May was $.06 lower at $14.16.

Over in the spot market, cash cheese was mixed. Barrels were down $.0025 at $1.4125 with six loads sold. The last bid unfilled was for one load, also at $1.4125. Blocks were up $.0025 at $1.37. There was one load sold at that price and one load sold at $1.365. The last bid unfilled was on one load at $1.35. The last offer uncovered was for one load at $1.3725.

Butter was $.06 higher at $2.12. There were four loads sold, one at the closing price, one at $2.09, and two at $2.10. The last bid unfilled was for two loads at $2.12.

Nonfat dry milk was $.02 lower at $.755. There were five loads sold, one at the closing price, two at $.775, and two at $.7525. The last bid unfilled was on one load at $.755. The last offer uncovered was for one load at $.76.

U.S. farmers made and paid a little more in March than they did in February. The USDA says that the prices received index for ag products was up slightly on the month, with an increase for the livestock index cancelling out a decrease in crops. Compared to last year, the received and crop indices are down sharply, but livestock is up sharply.

The dairy index at 78.1 was down 2 on the month and 6.5 on the year. Milk, at $15.30 per hundredweight, was down $.40 on the month, and adjusted for seasonal variation, milk was $15.70 per hundred weight, also down $.40 on the month. Milk cows were reported at $1,820 per head, $10 less than last month and $150 below last year, but $400 above the 2011 base price.