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StoneX analyst Nate Donnay estimates that US government dairy purchases in 2020 pushed the CME block cheese price up about 64 cents per pound and butter up 31 cents from May through November. He estimates the purchases lifted the average Class III milk price by about $6.30/cwt and Class IV by about $1.31/cwt.
Purchases through the food box program and other programs totaled roughly $1.33 billion.
Government buying has been a major source of dairy price support and volatility, so feed buyers should expect dairy-linked demand and milk prices to be sensitive to any reduction in these programs.
hoards.comNate Donnay, StoneX Group Inc.2020/11/30過去の強気な政策イベント17件の後、牛乳(クラスIII) は5営業日で中央値 -0.6% 動き（29% が上昇。中央50%は -1.6% から +0.2%）、20営業日では -3.0% 動きました。
イベント直前の終値からの各商品ベンチマークの動き。過去の傾向は同種の過去イベントをまとめたものであり、起きたことを示すもので、今後を示すものではありません。投資助言ではありません。
Shows government food box purchases had inflated cheese and Class III prices, so their fading removed support and fed the reversal.
