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Milk futures on the CME closed higher on Tuesday, with October Class III up six cents to $22.26 and November up 42 cents to $21.80. Cash dairy was mixed, with blocks unchanged at $2.00 and butter up to $3.21.
The Global Dairy Trade index fell 3.5 percent, its first decline since mid-August.
Routine futures moves with mixed cash trade give little new direction for feed buyers. The GDT decline points to softer global dairy demand, which could cap milk price gains.
brownfieldagnews.comNicole HeslipOct 6, 2022brownfieldagnews.comNicole HeslipOct 4, 2022Not 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.
Reports CME Class III futures closing higher on Oct 4 (Oct +6c, Nov +42c) on the day of the move, directly reflecting price action, though the magnitude shown is far smaller than 11.5%.
On Oct 4 Class III futures extended gains (Oct +6c, Nov +42c) with butter higher, though a weaker GDT index limited the strength.
