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CME November 2019 Class III milk futures settled at $20.21 per cwt on Oct. 30, with December at $19.48, after reaching new contract highs.
USDA set the November Class I base price at $18.14 per cwt, the first time above that level since January 2015.
Higher Class III and Class I prices signal stronger farm-gate milk revenue into late 2019, supporting dairy producers' demand for feed and improving their ability to pay for rations.
agproud.comDave NatzkeOct 30, 2019Not 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.
November Class III futures set new contract highs above $20 on Oct. 30, directly reflecting the price move in the window.
November Class III futures set new contract highs above $20 on Oct 30, reflecting the price surge within the 5-day window.
November Class III futures set new contract highs and the Class I base rose, confirming the bullish momentum, though it was published on Oct 30, after the move window.
Oct. 30 settlement of November Class III at new contract highs coincides with the move date and reflects the surge in futures, though it is partly a description of the move itself.
