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USDA reported April milk production at 19.15 billion pounds, down 1% from a year earlier and the sixth straight monthly decline. The dairy herd stood at 9.402 million head, and butter cold storage stocks fell 22% year on year.
Dairy margins improved in late May on higher milk prices and lower feed costs.
Shrinking US milk output and low butter stocks tighten supply and support milk futures. Lower feed costs also improve producer margins, which can encourage more feed purchases over time.
dairyproducer.comTanya EadieJun 3, 2022After 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.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
