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The Irish Farmers' Association says EU milk output growth has been very modest through July, with the main four regions still slightly negative. New Zealand output rose sharply in June and July, and Rabobank forecasts its 2019/20 season between -1% and +1%.
Tight global milk supply and steady demand support dairy prices, which can underpin demand for dairy-related feed ingredients.
Not enough comparable past events yet for a historical read.
After 15 past bearish report events, Euro (USD per EUR) moved a median +0.0% over 5 sessions (60% higher; middle half -0.6% to +0.4%), and -0.0% over 20.
After 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.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
