Even the Class 4a’s performance, while below 4b, was the highest since October 2017 at $13.75/cwt. Butter is the leading commodity in the category. Indeed, butterfat represents $8.97/cwt (or 65%) of the Class 4b price while solids nont fat contributed $4.78/cwt (or 35%). Still, powder prices have been showing slow signs of improvement. They may be delayed in California with prices still in the low $0.70/lb, but spot prices in western U.S. states averaged $0.8275/lb this week, up 3.75 cents from last week and the highest in 7 months. Powder exports in particular have been performing well, with volumes these past two months at record high levels. More specifically, U.S. powder exports in March were up 37% from last year. There may be market forces preventing a rapid climb in powder prices, but it appears the lows are behind us for 2018. As reflected in the chart below, a slow progressive climb toward the end of summer is in the forecast.