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USDA's Milk Production report showed March 2018 US milk output of 18.99 billion pounds in 50 states, up 1.3 percent, with the 51st consecutive monthly gain. Butter stocks rose 2.9 percent in March to 273.6 million pounds according to the Cold Storage report.
Continued milk output growth and rising butter stocks add to oversupply, which keeps pressure on dairy product prices and the milk price outlook.
leadertelegram.comLee MielkeApr 30, 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.
