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USDA's May WASDE projects 2022 cheese prices lower than 2021, with cheese forecast at $1.740 per pound for 2021. The report raised 2021 milk production to 227.9 billion pounds and forecast 2022 output at 230.3 billion.
Higher cow inventories drove the upward revision.
A larger milk supply and weaker expected cheese and whey prices point to lower dairy product values ahead. Feed buyers may see reduced dairy herd demand for feed over time if margins stay thin.
hartdesign.comadminHartMay 16, 2021After 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.
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.
