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CME Class III milk futures fell on Thursday, with August at $19.94 and September down $0.42 to $19.48. Cash cheese blocks closed at $1.7650 and butter at $3.05, while nonfat dry milk slipped to $1.5775.
Most cash dairy prices were steady to lower.
Lower Class III futures and cash cheese signal weaker milk pricing, which reduces dairy producers' feed purchasing power. The move is routine daily price action with no new fundamental cause.
brownfieldagnews.comLarry LeeAug 3, 2022brownfieldagnews.comLarry LeeAug 4, 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.
On Aug 3 Class III futures fell, with August at $19.94 and September down $0.42, while cash cheese, butter and NFDM were mostly lower, showing the selloff during the 5-day window.
CME Class III futures fell on Aug 3 with cash cheese blocks near $1.77 and NDM lower, showing broad cash and futures weakness within the window.
Class III futures fell on Aug 3 with weaker cash cheese and dairy prices, which directly reflects the move, though it may be a symptom rather than a cause.
