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The February Class III price was $20.18 per hundredweight, down 16 cents from January. Retaliatory tariffs from China and Canada followed US tariffs, while Mexico was expected to respond, and a one-month pause applied to USMCA-covered goods.
Retaliatory tariffs threaten the three largest US dairy export markets, which weighs on milk prices and dairy demand for feed.
After 49 past bearish trade events, Milk (Class III) moved a median -0.3% over 5 sessions (39% higher; middle half -4.7% to +1.5%), and -0.4% 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.