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Ceres raised its cheese and butter price forecasts through year-end after a sharp late-July rally, citing tight central-states milk supply and tight cream. It expects supply-driven strength to be interrupted by periodic corrections, with possible declines after new cheese capacity ramps up.
NDM prices were adjusted for August and September, with less milk expected to flow to powder this fall.
Tighter milk supply and firmer cheese and butter values support higher milk pricing through the holiday season, though the forecast flags likely price corrections. Reduced milk going to NDM/SMP also tightens powder supply.
ceresdrm.comSarah MurphyAug 6, 2023Not 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.
Ceres raised cheese and butter forecasts after a sharp late-July rally on tight central-states milk and cream supply, a supply-driven mechanism that supports higher Class III futures.
