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USDA released its ten-year baseline projections showing growth in milk production across categories. Cheese prices hit their lowest since April, while nonfat dry milk and dry whey rose to multi-year highs as butter and cheese markets struggled with weak demand.
Rising powder prices offset weaker cheese and butter, and expanding long-term milk output supports a bearish outlook for Class III milk prices, with implications for dairy-based feed demand.
dairyherd.comRobin SchmahlDec 11, 2024After 273 past bearish report events, MILK moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% 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.
