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INTL FCStone's Dave Kurzawski writes that dairy farmers face tight labor, rising costs and trade battles, and that EU intervention stocks have fallen while global powder prices recover. He notes Class IV milk trading well above Class III for months, a flip of the historical pricing relationship.
Stronger powder prices and falling EU stocks support dairy prices and the Class III/IV spread, a signal that the market may be near the bottom of its cycle.
hoards.comDave Kurzawski, INTL FCStoneMar 7, 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.
