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Futures-based estimates of the 2020 U.S. all-milk price fell from about $18.50 to roughly $17.20 per cwt as the coronavirus hit demand. USDA DMC projections show margin payments becoming likely.
Only 47.8 percent of eligible operations had signed up for the 2020 DMC program.
Lower projected milk prices reduce farm margins and the value of the safety net, while the lower price outlook drives down milk market expectations.
nmpf.orgTheresa Sweeney31 mars 2020Après 49 événements macro baissier passés, Lait (Classe III) a varié en médiane de -0,6 % sur 5 séances (33 % de hausses ; moitié centrale de -8,5 % à +0,6 %), et de -7,5 % sur 20.
Variations du benchmark de chaque matière depuis la dernière clôture avant l'événement. Les lectures historiques regroupent les événements passés de même nature ; elles décrivent ce qui s'est passé, pas ce qui arrivera. Ceci n'est pas un conseil en investissement.
Dated 2020-03-31, it describes futures-implied milk price estimates falling as coronavirus cut demand, consistent with the selloff in milk futures.
Futures-based all-milk price estimates fell about $1.30 per cwt on coronavirus demand loss as of 2020-03-31, reflecting the sentiment and demand shock feeding into the limit-type drop.
Lower futures-implied all-milk price forecasts and DMC margin concerns reflect the same bearish repricing, though it is partly a consequence of the move.
Futures-implied all-milk price forecasts were cut as demand weakened, reflecting the repricing of expectations in late March.
