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US milk production grew 2.3% year over year in March, the fourth straight monthly gain, though the pace is slowing. Butter prices eased on ample milkfat, while nonfat dry milk set records through April and into May on strong protein demand.
Strong skim-solids demand supports dairy prices and feed-related protein demand, while softer butter reflects ample milkfat supply that caps overall dairy returns.
Not enough comparable past events yet for a historical read.
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.