Provided are a computer program product, system, and method for managing cache segments between a global queue and a plurality of local queues by training a machine learning module. A machine learning module is provided input comprising cache segment management information related to management of segments in the local queues by the processing units and accesses of the global queue to transfer cache segments between the local queues and the global queue to output an optimum number parameter comprising an optimum number of segments to maintain in a local queue and a transfer number parameter comprising a number of cache segments to move between a local queue and the global queue. The machine learning module is retrained based on the cache segment management information to output an adjusted transfer number parameter and an adjusted optimum number parameter for the processing units.