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USDA set the February Federal order Class III benchmark at $17.00/cwt, down 5 cents from January and the highest February price since 2014. Class III futures pointed to a March price of $16.30 and a peak near $16.93 in October.
Futures pointing lower from current levels suggest modest downward pressure on milk prices in the coming months.
capitalpress.comLEE MIELKEFor the Capital PressMar 10, 2020After 136 past neutral report events, Milk (Class III) moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% 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.
