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US dairy herd growth is slowing after a 27-year high in milk cows in May 2021, and cow numbers have fallen by about 9,000 head since then. Producers are trimming herds because of high feed and labor costs, reduced government payments, and strong beef prices, with a severe western drought cutting forage supplies.
Lower cow numbers and higher feed costs tighten milk supply over time, supporting milk prices. Drought-driven forage shortages also push up demand for corn and other feed grains.
hoards.comSarina SharpSep 25, 2021After 32 past bullish weather events, Milk (Class III) moved a median +0.1% over 5 sessions (50% higher; middle half -0.7% to +3.4%), and +3.2% over 20.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
