On May 16, 2023, the Chicago Mercantile Exchange reported a decrease in milk futures and mixed cash dairy prices. June Class III milk dropped by $0.08 to $16.33, with subsequent months also seeing a decline. Dry whey also fell by $0.0050 to $0.2975, while cheese blocks and butter prices remained stable. Cheese barrels and nonfat dry milk prices also saw slight changes, with cheese barrels decreasing by $0.0275 to $1.4475 and nonfat dry milk remaining unchanged at $1.1650.