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USDA statistics show milk prices rising to their highest levels in years as dairy farmers cut production. Flooding and a cold, wet spring delayed the 2019 US corn crop, with 67% planted late.
Analysts expect corn prices to hold up rather than fall.
A late corn crop tightens feed grain supply and lifts feed costs for dairy and livestock buyers. Firm milk prices from lower output also support demand for dairy feed.
idahofb.orgJul 1, 2019After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 32 past bullish weather events, Milk (Class III) moved a median +0.1% over 5 sessions (50% higher; middle half -0.7% to +3.4%), and +3.2% 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.
