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USDA data showed US headline milk production for November down 0.6% year on year, weaker than expected, with the dairy cow herd down 0.5%. Spot Class III cheese and butter-related prices fell sharply, and nearby Class III futures hit new lows below $16.00 for January and February.
A smaller herd and weak output support milk supply tightness, but falling cheese and Class III prices signal a bearish near-term price trend for feed buyers tied to dairy demand.
stonex.comDairy TeamDec 19, 2023After 273 past bearish report events, MILK 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.
