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The November WASDE reduced US milk production forecasts for 2021 and 2022 by deeper amounts than prior forecasts, and raised projected milk prices. The 2021 production forecast was cut to 226.4 billion pounds and 2022 to 228.1 billion pounds.
Lower milk output forecasts and higher price projections improve dairy margins and support milk prices, while steady corn and soymeal price outlooks help feed costs.
agproud.comDave NatzkeNov 10, 2021After 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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
