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German discounters Lidl, Aldi and Norma have lowered retail butter prices. German milk deliveries fell 0.3% year on year in the second week of October, and spot milk was quoted at about 46-47 cents/kg.
Shrinking milk supply and a rising Kiel raw material value point to higher farmgate prices. The retail butter cut appears driven by retail competition rather than the wholesale market, so it has little direct effect on feed demand.
Not 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.