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The USDA reported February 2020 US cheese production rose 3.7% year on year to 1.028 billion pounds, with butter up 8.9% to 179.2 million pounds. Nonfat dry milk and skim milk powder also rose, while lactose and whey protein concentrate fell.
Higher February output of cheese and butter adds to dairy supply during a period of weakening demand from COVID-19 disruptions, which is bearish for dairy product prices and milk.
brownfieldagnews.comadminApr 2, 2020After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% 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.
