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USDA's October supply and demand report raised its 2020 and 2021 milk production estimates on higher milk per cow and larger herds. It raised the 2020 all-milk price by $0.25 to $18.00 per hundredweight and set the 2021 all-milk price 55 cents higher at $17.60.
Rising milk output combined with higher forecast product prices points to a more supportive dairy outlook, though larger supplies can cap cheese and butter values. Feed buyers should expect steady-to-firmer dairy demand for feed rations.
brownfieldagnews.comNicole HeslipOct 9, 2020After 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.
