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Dairy demand has been steady but not strong enough to tighten supply, and October cold storage cheese stocks were one percent above a year earlier. Sellers have been moving product quickly to avoid storage costs and lowering offers, which has led buyers to hold off.
Exports have been slow but are showing signs of recovery.
Ample cheese supply and sellers unwilling to store product keep spot prices under pressure. Slower exports and a seasonal demand lull point to limited upside for dairy prices in the near term.
dairyherd.comRobin SchmahlNov 28, 2023Not 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.
Cheese stocks above year-ago levels, sellers discounting to avoid storage costs, buyers holding back and slow exports point to weak demand and ample supply, which is bearish for Class III.
