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The March WASDE raised the 2018 US milk production forecast on faster milk per cow growth in the first half of the year. It also raised the corn exports and ethanol use outlook for 2017/18 and narrowed the season-average corn price range to $3.15 to $3.55 per bushel.
A higher milk supply forecast with weaker nonfat dry milk prices points to softer dairy feed demand, while the larger corn use outlook supports feed grain prices modestly.
blogs.extension.iastate.eduMar 9, 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.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
