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Milk and cheese futures on the Chicago Mercantile Exchange fell immediately after reports that Mexico's tariffs on U.S. dairy would leave American cheese and milk surpluses. California cheese sales to Mexico are being hit by the retaliatory duties.
Lost Mexican export demand builds domestic dairy surpluses, pushing Class III and cheese prices lower and reducing dairy farm margins.
reuters.comJane RossJul 29, 2018After 49 past bearish trade events, Milk (Class III) moved a median -0.3% over 5 sessions (39% higher; middle half -4.7% to +1.5%), and -0.4% 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.
