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Class III milk futures on the CME rose on technical momentum and expected stronger demand, with August up $0.14 to $16.73 and September up $0.17 to $17.48. Cash cheese blocks gained $0.0325 to $1.7875 and barrels rose to $1.66.
The Global Dairy Trade index fell 1.6% to $3,343 per ton.
Higher Class III futures and cash cheese signal stronger dairy product values, which tends to support milk prices and the cost of dairy-based feed ingredients.
brownfieldagnews.comJohn PerkinsAug 1, 2017Not 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.
Class III futures and cash cheese rose on 2017-08-01 on technical momentum and expected stronger demand, directly preceding the large move and feeding sentiment and momentum buying.
