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USDA's April 11 WASDE raised its 2023 US milk production estimate by 200 million pounds on a larger cow inventory. Cheese and butter price forecasts were raised, while nonfat dry milk was lowered, and 2023 production is projected to rise about 0.97% from 2022.
Higher cheese and butter price forecasts support milk values, but a growing cow herd points to larger future milk supplies. Net effect on dairy prices is modestly bullish in the near term.
farmers-exchange.netApr 21, 2023After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% 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.
