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Economists cite US milk production in May falling below year-ago levels for a second month, with cow numbers down 91,000 year over year. Cold storage data showed butter and cheese stocks lower year over year, and forecasts put Class III milk above $17 for July and possibly $18 in the fourth quarter.
Declining cow numbers and lower dairy stocks point to firmer milk prices later in 2019, which supports dairy producers' feed purchasing power.
capitalpress.comCAROL RYAN DUMASCapital PressJul 23, 2019After 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.
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.
