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The USDA's February WASDE cut its 2024 U.S. milk production forecast by 1 million lbs to 228.2 billion lbs, due to lower output per cow partly offset by larger cow herds. Forecasts for 2024 butter, cheese, nonfat dry milk and whey prices were raised, and Class III and Class IV price forecasts moved higher.
A smaller expected milk output and stronger product prices support Class III and IV milk prices, which tends to lift dairy-related feed demand and sentiment.
dairyherd.comTaylor LeachFeb 13, 2024After 237 past bullish report events, Milk (Class III) 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.
