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USDA's May 12 WASDE raised its 2023 milk production forecast for cows but slowed milk per cow growth, and lowered the Class III price projection while raising Class IV. The 2023 all-milk price was set at $20.50/cwt, and the 2024 all-milk price at $19.90/cwt.
Lower Class III projections signal weaker cheese and whey returns for US milk buyers and processors, pointing to softer milk prices.
blogs.extension.iastate.edunwiadairyoutlookMay 14, 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.
