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An analysis argues that USDA's headline monthly milk production figure counts total pounds of water, fat, protein and other solids. It says the solids content is what drives dairy product supply, and that the figure does not measure it directly.
The argument suggests the headline milk production number can misstate actual dairy product supply, so market reactions to it may be off.
dairyfoods.comNate DonnayJun 10, 2019After 664 past report events, Milk (Class III) moved a median -0.1% over 5 sessions (44% higher; middle half -0.7% to +0.5%), and -0.1% 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.
