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Seasonal buying in dairy markets is occurring but buyers are not aggressive, with sellers continuing to offer spot supply. October Class III futures fell $1.17 over three days as cheese weakness erased three weeks of gains, while butter has held steadier and kept Class IV above Class III.
US butter exports in July fell 54.7% year on year, with China demand down.
Weak cheese and soft export demand keep milk futures under pressure, which reduces the dairy-sector support for feed demand from dairy herds. Butter strength against cheese is a mixed signal for milk price direction.
dairyherd.comRobin SchmahlSep 20, 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.
