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On Monday, May 1, 2023, CME Class III milk futures fell, with May down 22 cents to $16.60 and June down 23 cents to $17.05. Cheese blocks fell half a cent to $1.6825 and barrels dropped 2.5 cents.
Butter was unchanged and NDM slipped 1.75 cents.
Lower milk futures and cheese prices weaken dairy farm income and point to softer dairy ingredient demand.
brownfieldagnews.comLarry LeeMay 1, 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.
May 1 CME report shows Class III futures falling 22-23 cents with cheese blocks and barrels lower, directly describing the selloff in the days ending May 2, though the size is far smaller than the stated move.
May 1 Class III futures fell 22-23 cents on lower cheese blocks and barrels, contributing to the start of the weekly decline.
May 1 drop in Class III futures and lower cheese blocks and barrels contributed to the start of the weekly decline.
