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USDA data showed February 2023 US dairy production was mostly up year on year, with butter up nearly 2% and cheese up almost 0.5%, though both fell sharply from January. Nonfat dry milk rose 4.5% and skim milk powder rose nearly 29%.
Rising output of dairy products amid soft export demand for butter pressures dairy prices lower, which weighs on milk and dairy-linked feed demand. The effect on grain and meal prices is small.
brownfieldagnews.comNicole HeslipApr 5, 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.
