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USDA projects the 2021 Class III milk price to average $15.60 per cwt as milk production runs above year-ago levels, with November output up 3% year on year. Cheese prices fell sharply in November after holiday purchases ended, while butter prices strengthened.
Rising milk output and weaker cheese prices point to lower dairy prices into 2021, which lowers the cost of dairy byproducts used in feed rations.
farmprogress.comFran O'LearyDec 28, 2020After 273 past bearish report events, MILK 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.
