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Class III milk was priced at $18.72 per hundredweight in October, the highest in nearly five years, and November futures traded above $20. Cheddar stocks have been drawn down to tight levels, and cheddar output remains constrained, with Associated Milk Producers closing a Minnesota cheese plant and Land O'Lakes closing a California plant.
Tight cheddar and constrained milk supply are lifting Class III prices, which supports dairy-based feed ingredient demand and suggests firmer milk values into winter.
capitalpress.comCAROL RYAN DUMASCapital PressNov 5, 2019Not 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.
