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USDA data showed the US average milk price was $17.30 per cwt in June 2017, up 60 cents from May and $2.50 from a year earlier. Feed costs eased slightly, with corn at $3.43 per bushel and soybean meal down $6.91 to $300.72 per ton, lifting the June MPP-Dairy margin to $9.33 per cwt.
Higher milk prices combined with lower corn and soybean meal costs widen dairy farm margins, which supports herd and feed demand while keeping feed input prices soft.
agproud.comDave NatzkeAug 2, 2017After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
