Friday, March 20 was proclaimed the International Day of Happiness by the United States. So perhaps it was no coincidence that the current edition of the USDA’s Dairy Market News, released yesterday, noted that “cheese manufacturers are happy.”

Following is a verbatim excerpt from Dairy Market News for the week of March 16 to 20. Download the complete report.

CHEESE HIGHLIGHTS: There is widespread comfort with current conditions in the cheese industry. Prices have been moving within a narrow trading range, milk production is strong and increasing, cheese manufacturers are happy to take additional volumes of milk, buyers are actively acquiring cheese and some manufacturers are working to bolster inventories. All parties involved seem to be at ease with current conditions. Concerns expressed tend to be related to how long can these relatively good times continue? Indeed, some manufacturers are acquiring surplus milk priced below class prices as well as fortifying vats with condensed skim and nonfat dry milk, all to increase volumes. No reports of burdensome inventories are heard. The overall current situation is widely expected to continue at least into the near term future. Friday in CME Group trading, barrels closed at $1.5200, down $.0250 from last Friday and 40# blocks closed at $1.5400, down $.0300 from last Friday.