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Class III milk futures at the CME rose sharply on June 2, 2016, with July up $0.42 to $13.91 and August up $0.35 to $14.56. Spot cash cheese barrels and blocks also firmed, while butter and nonfat dry milk were steady.
Higher futures ahead of the seasonal summer drop in milk output point to firmer dairy-based feed ingredient values and a supportive outlook for milk prices.
brownfieldagnews.comJohn PerkinsJun 2, 2016brownfieldagnews.comJohn PerkinsJun 3, 2016Not 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.
Sharp CME Class III futures gains on June 2, backed by firmer spot cheese barrels and blocks, are direct price action leading into the 3.13% move ending June 3.
