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The Iowa State outlook reports the USDA WASDE raised the 2021 all-milk price forecast to $17.75 per cwt. Butter, nonfat dry milk and whey price forecasts were raised, while cheese was unchanged and milk production was trimmed slightly.
A higher forecast milk price points to firmer dairy product demand, which supports dairy feed buying. The change is modest and the report was already partly reflected in markets.
blogs.extension.iastate.eduMar 12, 2021After 237 past bullish report events, MILK moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% 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.
