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Ceres lowered its cheese price forecast through year-end and reduced its NDM outlook for Q2, citing spot market weakness. USDA's June advanced Class I price came in at $18.01/cwt, and milk is trading $7 to $10/cwt below class prices.
Lower cheese prices could push Class III milk to very low levels through July, which may slow output and weigh on milk values.
ceresdrm.comSarah MurphyMay 19, 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.
