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USDA data showed U.S. November milk production rose only 0.6% year over year, with cow numbers down 38,000 head from a year earlier. Butter and cheese stocks remain high, with cheese stocks up 12% year over year, and butter and cheese prices have declined into December.
Milk production growth below 1% would normally support prices, but elevated cheese and butter stocks are keeping a lid on dairy prices and limiting feed demand from dairy herds.
capitalpress.comCAROL RYAN DUMASCapital PressDec 27, 2018Not 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.
