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CME Class III and butter futures sold off sharply after the USDA Milk Production report showed June output up 3.3% year on year. August and September Class III contracts fell about 50 cents on heavy volume, and spot butter slipped below $2.50/lb.
Higher milk flows add supply pressure that drags down Class III and butter prices, weakening the dairy price outlook for buyers of dairy-linked feed ingredients.
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.