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Coronavirus lockdowns closed schools, restaurants and coffee shops, causing a sharp drop in dairy demand. Farmers such as Brian Brown were told to cut production by about 20% and began dumping milk.
Excess milk is being directed toward food banks, which may need federal help.
Forced production cuts and milk dumping signal a large supply surplus that keeps milk prices depressed. Lower milk output reduces the volume of dairy byproducts available for feed.
csmonitor.comRichard Mertens30 avr. 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.
Reports of dumping and mandated production cuts on April 30 highlighted a demand collapse and glut, weighing on sentiment.
Demand collapse from closed restaurants and schools, along with milk dumping and production cuts, reinforced the bearish sentiment around the glut.
