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Class III milk peaked for 2018 at $16.09 in September, then fell to $14.55 in November as dairy product prices came in below expectations. USDA forecasts a 6.7% drop in 2019 dairy exports on a milkfat basis, and cheese, butter and dry whey prices all weakened.
Lower export flows and weaker product prices pull down farm milk prices, which squeezes dairy margins and cuts demand for dairy-linked feed ingredients.
farmprogress.comFran O'LearyDec 3, 2018After 49 past bearish trade events, Milk (Class III) moved a median -0.3% over 5 sessions (39% higher; middle half -4.7% to +1.5%), and -0.4% 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.
