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USDA's February WASDE lowered 2022 milk production on fewer dairy cows and raised product price forecasts for cheese, butter, nonfat dry milk and whey. The 2022 all-milk price forecast rose to $23.55/cwt.
Global coarse grain production for 2021/22 was cut 2.7 million tons to 1,497.4 million.
Lower milk output and higher dairy product prices support milk values, while the smaller global coarse grain crop tightens feed supply and supports corn prices.
blogs.extension.iastate.eduFeb 10, 2022After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
