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The July federal order Class III benchmark milk price fell to $13.77 per hundredweight, the lowest since May 2020. Class III futures were trading in the $17 to $18 range for the coming months, supported by cheese.
Feed costs were lower, with corn at $6.49 and soybeans at $14.20 per bushel in June.
Weak milk prices squeeze dairy farmers and can reduce their appetite for feed. Firmer cheese and futures prices point to a modest recovery in milk values ahead.
dairystar.comLee MielkeAug 12, 2023After 136 past neutral report events, MILK moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% 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.
