Loading…
USDA's April cold storage data showed record March cheese inventories of 1.3 billion pounds, with butter and American cheese stocks at their highest since the 1980s and 1990s. Nonfat dry milk stocks reached 260 million pounds, close to the 2015 record.
Record dairy stocks create a heavy supply overhang that pressures cheese and milk prices until inventories are worked down.
fb.orgJohn Newton, Ph.D.May 1, 2017Not 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.
