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Dairy supplies are abundant in the US, Europe, New Zealand and China, and international dairy prices continue to fall. US cheese exports were strong in September, with shipments to Australia, Mexico, Japan and South Korea running high.
The US is currently the cheapest supplier, but that price gap is narrowing.
Heavy global milk output and falling international dairy prices point to lower milk prices ahead, although strong US export demand offers some support for domestic prices.
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.