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Class III milk futures fell below $16 per hundredweight as cheese prices weakened, with cheddar blocks and barrels both down from early-September highs. Dry whey strengthened and cushioned the decline, and butter was roughly steady.
Lower cheese values pull the Class III milk price down, which reduces the return on milk for dairy farmers and can ease pressure on dairy-based feed ingredients. Firmer whey partly offsets the drop.
farmprogress.comFran O'LearyOct 29, 2018Not 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.
Class III futures breaking below $16 on weaker cheese prices (cheddar blocks and barrels falling) shows the downward price pressure just before the 1-day drop ending 2018-10-30.
Weakening cheese prices (blocks and barrels) pushed Class III futures below $16, which is the core driver of the downward trend and plausibly set up the further sharp drop on Oct 31.
