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Wisconsin economist Bob Cropp says COVID-19 uncertainty will keep dairy demand depressed until the virus is better controlled. CME cheddar block prices peaked at $3 per pound on July 13 and fell to around $1.71 by late August.
The August Class III price is near $19.45, and Cropp expects it could slide into the $16 range.
Weaker dairy demand and falling cheese prices point to lower Class III milk prices through year-end, which reduces the value of milk-based feed inputs for buyers.
farmprogress.comFran O'Leary2020/08/31過去の弱気なマクロイベント49件の後、牛乳(クラスIII) は5営業日で中央値 -0.6% 動き（33% が上昇。中央50%は -8.5% から +0.6%）、20営業日では -7.5% 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。
Cropp's note that block cheese fell from $3 to about $1.71 amid weak COVID-driven demand, with Class III possibly sliding to $16, supports a bearish repricing of futures into the Sept 1 drop.
