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USDA's Monthly Dairy Products Report showed October 2023 total cheese output at 1.19 billion pounds, 0.8% above a year earlier and 3.9% above September. Butter output was 161 million pounds, 0.9% below a year earlier, and nonfat dry milk fell 1.2%.
Rising cheese output adds supply to a market already pressured by weak demand, which is bearish for Class III milk prices.
kfgo.comRusty HalvorsonDec 7, 2023After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% 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.
