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Class III milk fell from $19.43 per hundredweight in January to $13.77 by July as cheddar blocks dropped from about $2 to around $1.40 per pound. Strong cheese output and slower dairy exports weighed on prices, while butter reached record highs.
Heavy cheese production and weaker export demand pressured US milk prices earlier this year. The report describes past declines, so it has limited forward price impact.
capitalpress.comCAROL RYAN DUMASCapital PressNov 1, 2023Not 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.
