Loading…
Dry whey, nonfat dry milk and butter prices fell sharply in the week ending January 13 to levels not seen in over a year, and CME spot cheese followed with block cheddar at its lowest since September. Spot milk basis in the Upper Midwest is $6 to $10 per cwt under Class, and European cheese prices have also collapsed.
Broad dairy commodity weakness and wide negative spot basis signal bearish milk price direction, with limited export outlet reducing demand support for US dairy products.
highgrounddairy.comMarket Intel TeamJan 23, 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.
