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US and European milk prices have fallen sharply, with farm-gate prices about 20 percent below last year and 40 percent below the 2014 peak. Dairy farmers in Europe and Australia have protested.
The article explains that milk is largely refined into cheese, yogurt, powders and whey products, and that cow numbers and consumption change slowly.
Dairy price swings are driven by inelastic supply and by product mix, so low milk prices reduce dairy producer margins and can cut herd-related demand for feed over time.
npr.orgDan CharlesAug 5, 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.
