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The USDA's November 2024 Dairy Product Production Report showed cheese output down 33 million pounds from expectations, the largest drop since January 2024. Butter and nonfat dry milk output rose above forecasts, and California milk output fell a record 9.2% year on year.
Lower cheese output and a sharp drop in California milk supply tighten milk availability, while higher butter and powder output adds to ingredient supply. The net price effect is mixed.
thebullvine.comAndrew HuntJan 6, 2025After 136 past neutral report events, MILK 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.
Published 2025-01-06, the November report showed cheese output 33 million lbs below expectations and California milk output down a record 9.2%. This tighter cheese supply supports Class III futures.
