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US milk prices have fallen nearly 40% this year, erasing all of 2019's gains as restaurant and school closures reduced dairy demand. Class III milk futures settled at $12.11/cwt on April 16, the lowest since 2009, and cheese futures hit a record low.
Farmers have been forced to dump excess milk as processing plants run at capacity.
Lost foodservice and school demand leaves a milk surplus that processors cannot absorb, pressuring Class III and IV prices and cutting producer income, which lowers dairy-based feed demand such as DDGS and whey-related feed inputs.
en.edairynews.comDamián MoraisApr 20, 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.
