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The October Federal Order Class III milk price came in at $22.85/cwt, down 49 cents from September but $6.01 above a year earlier. October Class IV fell $1.39 to $20.90.
Class III futures point to November near $20.08 and December near $19.39.
Lower Class III and IV prices reduce dairy producers' income and can slow culling and feed purchases, though a forecast milk production rebound could keep pressure on dairy product prices.
capitalpress.comLEE MIELKEFor the Capital PressNov 5, 2024After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% over 20.
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.
