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U.S. milk output is growing at a historically normal rate after returning to growth, constrained by high feed costs and supply management limits. Global milk output has declined for a year, while European output is recovering and Asian import demand has fallen sharply, with China's September whole milk powder and SMP imports down year on year.
Rising supply in Europe and the U.S. combined with weaker Chinese import demand points to downward pressure on dairy product prices. Feed costs remain a key constraint on how fast milk supply can expand.
thebullvine.comNov 3, 2022Not 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.
