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The Class III milk price for April ended at $14.50 per cwt, up from $14.22 in March and $13.40 in February. U.S. dairy exports have run above year-earlier levels since July 2017, and February export volumes reached an all-time high.
Domestic butter and cheese sales also rose in 2018.
Stronger export demand and firmer domestic sales are tightening U.S. dairy supplies, supporting Class III milk prices into the summer.
farmprogress.comFran O'LearyMay 1, 2018After 41 past bullish trade events, MILK moved a median -0.1% over 5 sessions (49% higher; middle half -1.3% to +8.1%), and +1.1% 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.
Record exports, rising butter and cheese sales, and a forecast of $16 Class III by August support bullish sentiment and buying in the futures.
Forecast of Class III reaching $16 by August, backed by record exports and rising April Class III price, reinforced bullish sentiment and demand expectations.
