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USDA data show US total milk production rose 0.5 percent in November to 17.4 billion pounds, with 27,000 fewer cows than a year earlier and output per cow up 15 pounds. The per-cow gain was the smallest year-over-year increase in the period, and growth came in slower than analysts expected.
This roundup also notes butter output up 5.4 percent and cheese output down 2.1 percent in October.
Slower milk growth and softer cheese output tighten the dairy supply outlook, which supports firmer dairy product prices and modestly better demand for feed inputs like DDGS and soybean meal from dairy rations.
centerfordairyexcellence.orgDec 19, 2019After 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.
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.
