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Dairy product prices strengthened in June despite strong milk production, rising stocks and weak exports. Butter rose from $2.0554 to $2.36 per pound on the CME, and Class III futures jumped to $15.05 for July.
Stronger product prices suggest milk prices could be considerably higher for the rest of 2016 than USDA had forecast. Firm butter and cheese sales underpin the rally.
farmprogress.comFran O'LearyJul 3, 2016Not 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.
