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Terrain's quarterly outlook says US milk production fell in January by a steeper-than-expected amount, with the milk cow herd 89,000 head below last year. Better margins and lower feed costs are not enough to restart growth because of expansion costs and high heifer prices.
The analyst now expects 2024 output to rise 0.5% year over year, and the Class III and Class IV price spread stays wide.
A shrinking dairy herd and a lower 2024 production forecast tighten milk supply, which supports milk prices and reduces demand for dairy-based feed.
terrainag.comBen LaineMar 25, 2024After 237 past bullish report events, MILK 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.
