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Class III futures averaged $16.90 per cwt for the rest of 2017, with USDA's all-milk price forecast at $17.60 and a 2018 projection of $18.05. Butter demand was strong globally, and US cheese stocks climbed 14 percent year over year while the national herd reached 9.39 million cows.
A larger herd and heavy cheese stocks point to ample domestic milk supply, while strong global butter demand and firm USDA price forecasts support milk prices.
hoards.comCorey GeigerJun 15, 2017After 136 past neutral report events, Milk (Class III) moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% 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.
