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USDA lowered its 2024 and 2025 milk production forecasts and cut Class III and IV price projections; the 2024 Class III average is now $19.05/cwt. USDA also projected a near-record 15.2 billion bushel corn crop with ending stocks cut to 2 billion bushels and a record 4.6 billion bushel soybean crop.
Lower milk output and dairy prices reduce dairy feed demand, while a large US corn and soybean crop with higher exports supports ample feed grain supply and softer prices.
dairystar.comLee MielkeOct 28, 2024After 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.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), 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.
USDA cut Class III and IV price projections on Oct 28, with a 2024 Class III average of $19.05, which weighed on sentiment and futures despite lower production forecasts.
USDA cut Class III and IV price projections, which lowered sentiment and forward price expectations.
