# Early Morning Update - November 3, 2023

> Class III milk firmed on stronger dry whey futures while cheese was stable on thin trade. Butter fell and nonfat dry milk moved lower, and quiet seasonal demand was attributed to end-users working off inventory bought earlier in the year.

- Date: 2023-11-03 · published 2023-11-03T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/33311-early-morning-update-november-3-2023
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Weak spot dairy demand and lower NFDM point to softer milk and dairy ingredient prices, with a possible restocking bounce in early 2024.

## Read by commodity

- MILK: neutral

## Sources

- stonex.com: https://www.stonex.com/en-us/insights/early-morning-update-november-3-2023/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.