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Dairy futures bounced after hitting new lows, with December Class III gaining $1.42/cwt since Friday. Traders are awaiting the GDT auction, where a 3.4% index rise is expected, and the October Milk Production report, which is expected to show output falling below year-ago levels due to bird flu in California.
Expected lower US milk output and a firmer global dairy auction point to support for dairy product prices, which matters for buyers of milk-based feed ingredients.
stonex.comDairy TeamNov 19, 2024Not 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.
