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Milk futures on the CME were limit down on Wednesday as August Class III fell to $19.28 and September to $16.67. Cash block, barrel and butter prices also fell sharply ahead of a bearish dairy product report, and the GDT index dropped more than 5% to $3,045 per ton.
Lower global auction prices and weaker cash trade pull down US dairy futures and the Class III benchmark, reducing milk revenue and the value of dairy-based feed demand.
brownfieldagnews.comNicole HeslipAug 4, 2020brownfieldagnews.comNicole HeslipAug 4, 2020Not 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.
Limit-down CME Class III futures (August to $19.28, September to $16.67) with sharply lower cash block, barrel and butter prices directly reflect the price drop and bearish sentiment ahead of the product report.
Directly describes Class III futures going limit down (August to $19.28, September to $16.67) as cash block, barrel and butter prices fell and the GDT dropped, which is the move itself and its immediate drivers.
Reports CME milk futures limit down with August Class III falling to $19.28 and September to $16.67 amid sharp cash block, barrel and butter declines, directly describing the move.
Class III futures went limit down as cash cheese, butter and the GDT index fell sharply, which directly accounts for the sharp price drop during the window.
