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Class III milk futures fell on the CME after USDA's cold storage report showed bearish cheese and butter inventories. June was down $0.08 at $16.21 and July down $0.04 at $16.71.
Cash cheese blocks slipped to $1.645 and barrels to $1.4725.
Large cold storage stocks signal weak demand for cheese and butter, which pressures milk prices and reduces dairy producers' appetite for feed purchases.
brownfieldagnews.comJohn PerkinsMay 23, 2017After 273 past bearish report events, MILK moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% 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.
