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USDA data showed US cheese stockpiles reached 1.39 billion pounds, the largest in the century records have been kept and 6 percent above a year earlier. Processors have excess milk that is being stored as cheese as demand weakens with school closures and seasonal restaurant menu changes.
Record cheese stocks and possible trade losses to China and Mexico add downward pressure on cheese and wider milk prices, weighing on farm margins.
nationalpost.comWashington PostJun 29, 2018After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% 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.
Record cheese stockpiles indicate oversupply, a bearish fundamental backdrop for Class III prices.
