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USDA data showed June 2021 total cheese production of 1.124 billion pounds, down 2.9% from May but up 0.2% year on year. Butter output was 160.7 million pounds, down 13.1% monthly and up 7.8% annually, and cold storage showed a big jump in butter stocks and an all-time monthly high for cheese stocks.
Record cheese stocks and a jump in butter supplies signal ample dairy product supply, which weighs on milk prices and reduces pressure for dairy-based feed demand.
brownfieldagnews.comadminAug 4, 2021After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% 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.
