# Early Morning Update - July 31, 2024

> Class III and cheese futures rallied strongly through late July, and spot whey rose to 0.62 on aggressive bids. Block cheese and whey hit expanded daily limits as the market reached an 18-month high.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/6826-early-morning-update-july-31-2024
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Strong futures and firm whey demand signal higher milk value, though overbought conditions raise the risk of a near-term correction.

## Read by commodity

- MILK: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| MILK | 2024-07-31 | 1 | +3.5% | 4.7 | Same-day report of Class III, block cheese and whey futures hitting expanded daily limits at an 18-month high directly describes the price surge (sentiment/momentum plus supply tightness). |
| MILK | 2024-07-30 | 1 | +3.5% | 4.9 | Class III, block cheese and whey futures rallied to limit-up levels and an 18-month high at the end of July, directly describing the price surge behind the 3.53% one-day move (dated a day after, but it describes the same rally). |

## Sources

- stonex.com: https://www.stonex.com/en-us/insights/early-morning-update---august-1,-2024-1513216/
- stonex.com: https://www.stonex.com/en-us/insights/early-morning-update---july-31,-2024-1512931/

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