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CME Class III milk futures rose on the USDA's lower 2016 and 2017 milk production estimates, with the nearby December contract up 7 cents to $17.17. Cheese and butter prices were higher, and strong export demand for US butter was reported.
Lower USDA production forecasts tighten the US milk outlook and support Class III futures, which feed through to farm milk prices.
brownfieldagnews.comJohn PerkinsDec 12, 2016After 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.
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.
