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Class III milk and cheese futures fell to new lows on Tuesday as selling pressure built, with traders weighing the risk to demand from bird flu in cattle. Butter futures rose to new highs, and spot butter moved above $2.90 for the first time since November.
Open interest rose in Class III and cheese contracts.
Concern about bird flu demand and added short positions keep Class III milk pressured, which lowers the value of milk-based feed ingredients. Buyers are less aggressive while prices stay weak, though signs of corrective trade could appear.
stonex.comDairy TeamApr 3, 2024Not enough comparable past events yet for a historical read.
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.
Class III and cheese futures fell to new lows on heavy selling as traders weighed bird flu demand risk, directly describing the sentiment-driven selloff behind the one-day drop.
Class III and cheese futures hit new lows on Tuesday (Apr 2) as selling pressure built on bird flu demand concerns, directly describing the day's drop.
