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A dairy market column reports that USDA's October WASDE raised 2022 and 2023 US milk production and marketing forecasts by about 400 million pounds each. Cow numbers and output per cow were both increased, and import and export forecasts were revised for butter, cheese and whey products.
A larger US milk supply forecast is bearish for dairy product prices, though stronger export expectations for whey and butterfat partly offset this for dairy feed demand.
farmers-exchange.netOct 21, 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.
