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Class III milk futures on the CME rose in early August 2016, with August up $0.11 to $17.10 and September up $0.17 to $17.16. Cash cheese blocks gained $0.055 to $1.815, butter rose to $2.27, and nonfat dry milk edged up to $0.8325.
USDA reported steady butter output, active cheese making, and declining milk production due to heat.
Hot weather reducing milk output and firm cheese and butter demand support milk prices, which lifts the cost of dairy-based feed ingredients.
brownfieldagnews.comJohn PerkinsAug 5, 2016Not 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.
Higher Class III futures, rising cash cheese and butter, and heat-related declines in milk output directly show supply tightening and price strength during the move.
