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An American Farm Bureau Federation analysis explains how US milk prices are set through Federal Milk Marketing Orders, starting from CME spot price discovery for butter, cheddar, nonfat dry milk and dry whey. It notes a high correlation between CME and USDA survey prices.
This is background on pricing mechanics with no new supply or demand shock, so it has little direct effect on feed or dairy prices.
fb.orgJohn Newton, Ph.D.Jul 15, 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.
