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USDA's October WASDE raised its 2019 and 2020 milk production forecasts on higher cow numbers and stronger milk per cow. The 2020 all-milk price was held at $18.85/cwt, with the Class III price raised and the Class IV price lowered.
Import forecasts for 2020 were cut on newly announced additional tariffs on some EU dairy products.
Higher expected milk output weighs on dairy prices, while the tariff-related import cut tightens the market for some dairy products. The mixed Class III and Class IV revisions point to uneven price effects across dairy products.
blogs.extension.iastate.eduOct 11, 2019After 136 past neutral report events, Milk (Class III) moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% 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.
