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USDA's Milk Production report showed February US milk output of 17.87 billion pounds, up 5.3% from a year earlier and up 1.7% after adjusting for leap day. Cow numbers rose and output per cow increased.
Stronger milk output growth adds supply to the market and tends to pressure dairy prices lower.
hoards.comAre Your Replacement Heifers on Track?Mar 20, 2020After 273 past bearish report events, MILK 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.
