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USDA data showed US milk output growth slowing sharply while cow slaughter stayed high. CME spot nonfat dry milk reached a two-year high of $1.04 per pound in January, helped by a 10.3 percent jump in skim milk powder prices at the Global Dairy Trade auction.
CME spot cheddar barrels fell to $1.18, their lowest since July 2009.
Slower US milk supply growth and strong powder demand from Asia and Mexico support higher Class III prices over time. Weak cheese prices, however, will delay the recovery in farm milk returns.
farmprogress.comFran O'LearyJan 29, 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.
