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Bob Cropp projects the April Class III milk price near $13.65, compared with $15.81 a year earlier. Butter production rose 5.8% and cheese 4.0% year over year, while cheese stocks ran 10.8% to 13.5% above the five-year average.
Large dairy product stocks and seasonal milk production increases point to continued downward pressure on milk prices and limited dairy demand for feed.
farmprogress.comFran O'LearyMay 4, 2016Not 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.
Cheese stocks well above the five-year average and higher cheese and butter output point to oversupply, a bearish fundamental for Class III prices.
