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US milk production in September was down 0.2% year over year, slightly weaker than expected, with production per cow stronger than forecast. Dairy herd numbers were revised lower for June through August.
A tighter milk supply than expected supports dairy product prices and firmer milk-based feed demand, though StoneX expects little immediate futures reaction given recent strength.
stonex.comDairy TeamOct 20, 2023After 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.
