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The October Class III milk price rose to $16.69 per hundredweight, up 33 cents from September and $1.87 above a year earlier, the highest since February 2017. Class III futures pointed to a downward trend, with no contract above $16 until August 2018.
Higher benchmark milk prices lift returns for dairy producers, but weakening futures suggest dairy-based feed demand and milk values may ease into 2018.
thefencepost.comLee MielkeNov 9, 2017After 136 past neutral report events, Milk (Class III) moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
The October Class III price announcement on Nov 9 showed a rise to $16.69, the highest since February, which supports sentiment and spot-linked pricing, though futures signaled a downward trend.
