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StoneX analysis says current U.S. dairy prices are not fully explained by domestic fundamentals, with cheese prices above the model's fair value. Global dairy prices are being lifted by weak milk output among major exporters, including a 5.5% year-on-year drop in New Zealand's December production.
Tight world dairy supplies and strong import demand support higher U.S. nonfat dry milk and cheese prices, but the analysis flags downside risk if global strength fades.
hoards.comNate Donnay, StoneX Group Inc.Jan 31, 2022hoards.comJan 31, 2022Not 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.
