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USDA's May WASDE cut its 2017 US milk production forecast by about 400 million pounds to 216.9 billion, and it issued a first 2018 forecast of 222.0 billion. USDA also projected a 2017 US corn crop of 14.1 billion bushels, down from last year's record on lower area and yield.
A smaller milk supply and corn crop tighten feed and dairy balance sheets, which supports milk and corn prices.
agproud.comDave NatzkeMay 12, 2017After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
