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FCC Economics revised its 2020 dairy profitability outlook, noting COVID-19 closed food service outlets and cut demand for cream and cheese. Canadian producers P5 and Western Milk Pool cut butterfat production in April, and milk revenues for the first half were lower than January forecasts.
Lower Canadian butterfat output and weaker first-half revenues point to tighter dairy supply and reduced feed purchasing power in Canada.
fcc-fac.caJul 21, 2020After 20 past bullish macro events, Milk (Class III) moved a median +0.1% over 5 sessions (55% higher; middle half -0.1% to +2.4%), and +2.4% 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.
