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Class III and cheese futures were mixed on February 28, 2024, as weakness in spot dry whey pulled down second-half futures. Spot butter fell 3.5 cents to $2.80 on heavy futures volume, and NFDM futures bounced modestly after new lows.
Lower whey and butter values weigh on the components that set the Class III milk price, so milk futures face downside pressure while the futures curve looks overbought.
stonex.comDairy TeamFeb 29, 2024Not 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.
It covers Class III and cheese futures trading on Feb 28, the move date, but describes them as mixed with whey weakness, so it does not clearly explain a 7% rise and is only a partial explanation.
