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Statistics Canada reported 2017 dairy output rose, with cheddar production up 4.6% and creamery butter up 16.4%. Butter stocks on January 1, 2018 were 83.7% higher than a year earlier.
Higher Canadian butter and cheese output and heavy butter stocks point to ample dairy supply, which is mildly bearish for dairy prices.
www150.statcan.gc.caGovernment of Canada, Statistics CanadaFeb 26, 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.
