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Class III milk futures on the CME rose, with July up $0.23 to $15.12 and August up $0.45 to $16.31. Spot cash cheese blocks and barrels also moved higher, while butter fell $0.04 to $2.30.
Trade data showed New Zealand dairy exports up in May and US butter use rising in the first quarter.
Higher cheese and futures prices lift the milk price outlook for US dairy producers. Soft butter prices limit the upside for the overall milk price.
brownfieldagnews.comJohn PerkinsJun 27, 2016brownfieldagnews.comJohn PerkinsJun 28, 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.
Class III futures rose sharply (July +$0.23, August +$0.45) alongside higher cash cheese, directly reflecting the price move in the window.
Class III futures rallied and spot cash cheese blocks and barrels rose just before the move, a direct price-momentum driver for Class III.
