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Class III milk futures on the CME fell on follow-through selling and demand uncertainty, with April down $0.04 at $15.10 and July down $0.07 at $15.95. Cash cheese blocks slipped $0.02 to $1.46 and butter fell to about $2.10, while nonfat dry milk rose $0.01 to $0.81.
USDA reported higher milk output in many regions, and some processors were turning away milk.
Heavy milk supply and rising cheese and butter inventories point to weaker dairy product prices and lower milk values, which lowers the cost of dairy by-product feed ingredients.
brownfieldagnews.comJohn PerkinsApr 6, 2017brownfieldagnews.comJohn PerkinsApr 4, 2017brownfieldagnews.comJohn PerkinsApr 5, 2017brownfieldagnews.comJohn PerkinsApr 7, 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.
Brownfield reported Class III futures falling on follow-through selling, demand uncertainty, softer cash cheese and butter, and higher USDA milk output with some processors turning away milk, which directly describes the move's timing and mechanism.
