# Negative PPDs And Class III Depooling Return, If Not For Long - Cheese Reporter

> 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.

- Date: 2024-10-25 · published 2024-10-25T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/28019-negative-ppds-and-class-iii-depooling-return-if-not-for-long-cheese-reporter
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

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.

## Read by commodity

- MILK: bearish ▼

## Sources

- cheesereporter.com: https://cheesereporter.com/news/2024/10/25/negative-ppds-and-class-iii-depooling-return-if-not-for-long/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.