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South Africa's milk-to-feed price ratio fell from 1:3 to 1:2 in September as producer prices dropped, and the Milk Producers Organisation warned of reduced future unprocessed milk output. September unprocessed production was 315 million litres, 3% above September 2018.
International prices for butter and skim milk powder strengthened in dollar terms in September.
A worsening milk-to-feed ratio may trim South African dairy herd feed demand over the medium term, while firmer global butter and SMP prices signal a stronger dairy complex.
bizcommunity.comMaroefah Smith, Alissa Naran, Anja van BeekOct 31, 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.
