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USDA estimated June 2024 US milk production at 18.8 billion pounds, which was down year on year. CME spot block cheese rose 5.5 cents to $1.93/lb and spot nonfat dry milk advanced to $1.22/lb, while China's June dairy imports were mixed.
Lower US milk output alongside higher cheese and nonfat prices supports dairy product values and, by extension, milk price strength for feed buyers.
en.edairynews.comDamián MoraisJul 24, 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.
Lower June milk output with spot block cheese and nonfat dry milk rising points to supply-driven strength in cheese, which sets Class III.
