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Class III milk futures on the CME closed mostly lower on Tuesday, with October down 75 cents at $18.99 and January through April contracts 25 to 34 cents lower. Cash blocks and butter fell, while nonfat dry milk rose 1.5 cents.
The Global Dairy Trade index in New Zealand rose 2% to $3,303 per ton.
Lower futures reduce expected dairy farm revenue and may slow dairy herd feed purchases. The gain in global dairy auction prices gives some support to export demand.
brownfieldagnews.comNicole HeslipSep 17, 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.
