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Chicago Mercantile Exchange milk futures started the week mostly lower on Monday, with May Class III down 11 cents at $16.46 and most contracts through November slightly lower or unchanged. Cash dairy was mostly lower, with blocks unchanged at $1.6125 and butter down 1.5 cents at $2.43.
The softer tone came alongside a stronger dollar and minimal cash trading.
A stronger dollar and thin cash trade pressure dairy product values, which feeds through to lower Class III milk prices and modestly weaker dairy-based feed demand expectations.
brownfieldagnews.comLarry LeeMay 9, 2023brownfieldagnews.comNicole HeslipMay 8, 2023Not 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.
May 8 Class III futures fell further with blocks at $1.6125 and a stronger dollar, extending the slide at the end of the window.
