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Milk futures gave back gains made after the January Milk Production report, with Class III and Class IV both falling. Cash prices did not move in step with futures, as trader sentiment drove the market.
Cheese and dry whey prices were mixed, and analysts said the market needs proof before a longer-term uptrend can form.
Failure of the post-report rally signals that milk prices may stay weak in the near term, limiting dairy demand for feed. Traders are unlikely to build sustained long positions until fundamentals improve.
en.edairynews.comDamián MoraisMar 8, 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.
