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In September 2024, six of seven federal milk marketing orders posted negative producer price differentials, and billions of pounds of Class III milk were depooled. The article notes this is a return to conditions last common in 2020-2021, when negative PPDs were far larger.
Negative PPDs indicate cheese makers are paying less for milk relative to Class III, which signals cheese-driven demand for milk is ample. This is a mild bearish signal for the cheese-linked milk price structure, though it has little direct effect on feed grain prices.
cheesereporter.comdebbieOct 25, 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.
