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Class III milk futures were mostly higher on April 11 after an oversold bounce, with May up $0.21 to $15.23. Cash cheese blocks were unchanged at $1.46 and butter rose to $2.09.
The USDA lowered its 2017 milk production estimate and cut most price projections, citing international competition.
Lower USDA price projections point to weaker dairy markets, though the futures bounce suggests short-term technical buying. Ample supply keeps the milk price outlook under pressure.
brownfieldagnews.comJohn PerkinsApr 11, 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.
