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The USDA lowered its 2018 US milk production projection slightly, from 218.8 to 218.7 billion pounds, due to slower per-cow growth. It also cut its all-milk, Class III and Class IV price estimates on slow cheese and butter demand.
Lower projected milk output is a minor supportive factor for dairy feed demand, but weaker dairy product prices reduce the value of milk and dairy-related feed ingredients.
brownfieldagnews.comFeb 8, 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.
