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Ohio farm commentary notes that agricultural prices fell after the pandemic reached the US. Class III and IV milk futures were down more than 33% since the first US coronavirus case, and some farms were asked to dump milk.
Nearby milk futures were trading under $11.
The futures decline reflects weak dairy demand and a surplus that is pressuring farm margins. Producers facing lower milk revenue may cut feed purchases.
farmanddairy.comDavid MarrisonApr 30, 2020Not 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.
Nearby milk futures were trading under $11, more than 33% below pre-pandemic levels, which confirms the steep slide.
