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Class III milk prices for July could fall to $13.80 per hundredweight, nearly $12 below July 2022. Low cheese and dry whey prices are the main drivers.
Cheese blocks and barrels have started to rise on the CME.
Sharply lower milk income pressures dairy margins and may cut herd feed purchases. Early signs of a cheese rebound could limit further downside.
en.edairynews.comDamián MoraisJul 25, 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.
Reports that cheese blocks and barrels started rising from very low levels after weak July Class III expectations suggest a mean-reversion bounce, with oversold prices feeding the sharp move.
