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Butter on the CME fell 24.5 cents to $2.70 on Tuesday, with no sales and only offers at $2.45. Milk futures were up slightly near term, cheese blocks were unchanged at $1.96, and nonfat dry milk fell 3 cents to $1.395.
A sharp butter sell-off lowers the Class IV milk price outlook and signals weak demand for butterfat. Near-term Class III futures were firm, so the impact on overall milk prices is mixed.
brownfieldagnews.comLarry LeeNov 1, 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.
On the move date itself, CME butter plunged 24.5 cents with nonfat dry milk lower, a sign of weakening dairy sentiment, though cheese blocks were unchanged, so it explains only part of a Class III drop.
CME butter plunged 24.5 cents on Nov 1 with no sales and nonfat dry milk fell 3 cents, signaling weak dairy demand and sentiment just before the Class III drop, though the direct link to Class III is partial.
