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USDA's April dairy product data showed total cheese output above 1.14 billion pounds, up 8% year over year but down over 3% from March. Butter production reached 185 million pounds, up 18.5% from a year earlier, while nonfat dry milk and skim milk powder fell year over year.
Heavier cheese and butter output adds supply to dairy product markets, which weighs on Class III and Class IV milk prices that feed-buying operations track.
brownfieldagnews.comNicole HeslipJun 7, 2021After 273 past bearish report events, MILK 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.
