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USDA's Economic Research Service outlook notes that US milk production in September 2018 was 1.3% above a year earlier, with NASS revising milk cow numbers lower for June through August. The forecast for a smaller herd in 2019 has been cut to 9.375 million head, while 2019 milk production is projected at 220.9 billion pounds.
A smaller US milking herd with higher output per cow points to flat-to-slightly-lower total milk supply, which supports dairy prices. Lower cow numbers also reduce demand for dairy byproduct feeds over time.
morningagclips.comBrittanyJan 9, 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.
