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The USDA set the October 2020 Federal Milk Marketing Order Class I base price at $15.20/cwt, down more than $3 from September. Dairy cow slaughter hit a four-year low in August.
Rising block cheddar prices from a USDA food box purchase approval are creating the potential for depooling and negative producer price differentials in October.
Lower Class I pricing and a cheese-driven rally in Class III futures shift milk value between classes and regions. Tighter cow slaughter supports milk supply and feed demand over the coming months.
agproud.comDave Natzke2020/09/28過去の中立なレポートイベント136件の後、牛乳(クラスIII) は5営業日で中央値 -0.1% 動き（43% が上昇。中央50%は -0.7% から +0.5%）、20営業日では -0.3% 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。
USDA food box purchase approval lifted block cheddar prices and raised depooling and negative PPD risk, a demand-driven bullish factor for Class III futures.
Rising block cheddar prices tied to the USDA food box purchase approval point to a demand-driven cheese rally and depooling, which tightens milk supply to Class III and supports futures.
