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The USDA's September WASDE cut its 2024 and 2025 US milk production forecasts by 400 million and 300 million pounds respectively. It also raised 2024 Class III and Class IV price forecasts, with Class III projected at $19.45 per cwt.
Smaller milk supplies and higher projected cheese, butter and powder prices support dairy commodity values and the cost of dairy feed ingredients.
capitalpress.comLEE MIELKEFor the Capital PressSep 17, 2024After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% 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.
