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June Class III milk futures rallied more than $9 from an April 22 low of $10.68 per cwt to about $20 on June 3, one of the fastest rallies on record. The move was led by spot cheese, with blocks and barrels surging to $2.35875 per pound.
Deferred contracts rose more slowly, in the mid-to-low $16 to $17 range.
Strong cheese demand from pizza and restaurant restocking is pulling milk futures higher. Deferred contracts lagging suggests the market is pricing a shorter-term rally rather than a longer-term reset.
farmprogress.comNaomi BlohmJun 4, 2020Not 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.
Directly documents the record-fast June Class III rally from $10.68 to ~$20 led by spot cheese surging to $2.36/lb, matching the 5-day move.
Documents the record-fast Class III rally from $10.68 to about $20, driven by spot cheese block and barrel surges, which is the move itself and its mechanism.
Directly describes the record-fast Class III rally to about $20 on June 3, led by spot cheese blocks and barrels surging, which is the price move in question.
Describes the record-fast rally in June Class III futures led by surging spot cheese, which is the mechanism behind the move, though dated just after the window.
