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April 2024 Federal Milk Marketing Order prices were mixed, with Class III falling 84 cents to $15.50 per cwt, a three-month low. Class II rose to $21.23 and Class IV to $20.11, and the protein component value fell to its lowest in about a quarter century.
Weak Class III and protein values point to soft cheese-linked milk prices in the near term, though expected May improvement limits the bearish read. Feed buyers should watch for dairy producer margin pressure.
agproud.comDave NatzkeMay 2, 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.
