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Arizona dairies were asked to cut milk output by 10% in the spring, and about 12 million pounds of milk were dumped in April and a little more in May. Food service is returning, and cheese customers are taking product again.
Class III futures fell to $11.23 per hundredweight in early May before surging back above $20.
Recovering foodservice demand and tighter supply have pushed milk prices back up sharply, showing how quickly the market can rebound after a demand shock.
proag.comJun 12, 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.
