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Class III milk futures rallied on Friday after recent data showed butter exports up 115% and whey exports up 27% from a year earlier. Cheese production in December rose about half a percent from a year earlier, and the Global Dairy Trade index rose for a sixth straight event.
Corn futures traded in a tight range ahead of the WASDE report.
Stronger export pull and a firmer Class III benchmark support milk prices, though cheese output remains ample.
totalfarmmarketing.comEvan DisherFeb 5, 2021Not enough comparable past events yet for a historical read.
Not 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.
