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The FAO Dairy Price Index averaged 119.3 points in February, down 1.2% from January and 19.2% below a year earlier. Milk powders and butter rose month on month on stronger import demand and seasonal slowing in New Zealand milk supply, while EU cheese prices kept falling.
Firmer powder and butter quotations point to tighter export supply, while the continued fall in cheese keeps the overall index weak.
After 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.