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Class III milk futures for September fell nearly $6.00 from a June 9 peak and tested the $19.00 level. Cheese values dropped from about $2.40/lb to about $1.75/lb on weak food service demand and rising inventories.
Corn futures edged higher in a two-sided session, with Ukrainian grain shipments limiting gains.
Falling cheese values and rising stocks weigh on milk prices and dairy demand for feed. Corn's modest gain reflects offsetting supply from Ukraine, so the grain price impact is limited.
totalfarmmarketing.comJohn HeinbergAug 5, 2022Not enough comparable past events yet for a historical read.
Not 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.
Class III futures slid nearly $6 from the June peak to test $19 as cheese fell from about $2.40 to $1.75/lb on weak food service demand and rising inventories, directly describing the price drop.
Class III futures fell nearly $6 from the June peak, and cheese dropped from about $2.40 to $1.75/lb on weak foodservice demand and rising inventories, which directly explains the week's sharp price decline.
