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Class III milk prices have climbed since their February low, from $15.75 to $17.67 in April, with May forecast near $18.90. Class III futures are in the low $19s from July through October before easing to the $18s for November and December.
Higher dry whey prices at 64 cents per pound and stronger cheese demand have supported the rally.
Strong futures and firm whey and cheese prices support milk prices. Economist Bob Cropp notes that these levels need lower milk output and continued strong exports to hold, so a rise in production would weaken the outlook.
en.edairynews.comDesirée JuarezMay 31, 2021Not 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.
Robust milk production was seen as threatening the price recovery, which adds supply-side bearish sentiment after a rally in which futures were priced well above spot levels.
