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US milk production rose just 1.6 percent in January, less than many analysts expected, with cow numbers up only 85,000 year over year. Class III futures had fallen to near 15 to 16 dollars after the federal food box program ended.
Analysts see the production report as a sign that prices could recover.
Slower production growth and softer cow numbers could tighten US milk supply and support Class III prices. Weaker domestic demand after the food box program ended remains a limiting factor.
farmprogress.comNaomi BlohmMar 4, 2021After 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.
