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The USDA Cold Storage report showed US butter stocks at 239.6 million pounds in October, down 14.1% from a year earlier, while total cheese inventories were about flat at 1.45 billion pounds. Barrel cheese fell to its lowest level since early August, and the block-barrel spread widened to 39.5 cents.
Class III and IV milk futures moved lower on the day.
Lower barrel cheese prices and a wide block-barrel spread point to weaker cheese demand and softer near-term milk prices, which trims dairy producers' margins.
dairyherd.comKnow Your MarketNov 22, 2022After 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.
