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CoBank analysis says futures point to 2024 as possibly the third-highest milk price year on record. However, global dairy trade has fallen from its 2021 peak, and US cheese sales dipped 3.5% in February.
New cheese plant capacity coming online later this year is expected to pressure Class III prices.
Growing cheese capacity and softer demand weigh on Class III milk prices, which can limit dairy-related feed demand and pricing. Shrinking dairy replacement herds could cap upside in milk output.
hoards.comCorey Geiger, CoBankApr 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.
