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USDA's July WASDE cut its 2020 US milk production forecast by 1 billion pounds to 221.5 billion, and raised the Class III price to $18 per cwt, up $2.35. The all-milk price was raised to $18.25 per cwt, with the Class IV forecast up 40 cents to $13.95.
A smaller US milk supply and higher price forecasts support dairy markets and raise the cost outlook for dairy-based feed and cattle producers.
agproud.comDave NatzkeJul 10, 2020After 237 past bullish report events, MILK moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% 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.
