# Early Morning Update - February 29, 2024

> 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.

- Date: 2024-02-29 · published 2024-02-29T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/5459-early-morning-update-february-29-2024
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

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.

## Read by commodity

- MILK: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| MILK | 2024-02-28 | 1 | +7.0% | 6.4 | 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. |

## Sources

- stonex.com: https://www.stonex.com/en/insights/early-morning-update-february-29-2024/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.