# Early Morning Update - April 3, 2024

> 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.

- Date: 2024-04-03 · published 2024-04-03T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/6732-early-morning-update-april-3-2024
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

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.

## Read by commodity

- MILK: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| MILK | 2024-04-03 | 1 | -5.6% | -4.7 | 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. |
| MILK | 2024-04-02 | 1 | -5.6% | -4.8 | 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. |

## Sources

- stonex.com: https://www.stonex.com/en/insights/early-morning-update---april-3,-2024-1488727/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.