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The June Federal order Class III milk price was $14.91 per hundredweight, the lowest since May 2020. USDA cold storage data showed May 31 inventories of 366.7 million pounds, up 14% from a year earlier, with the largest May stock build since 1990.
Butter stocks continued to rise.
Heavy dairy product stocks signal weak demand relative to supply, keeping milk prices under pressure. Lower dairy returns can reduce dairy feed purchasing.
farmersadvance.comLee MielkeJul 12, 2023After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% 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.
