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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. 9. 28.과거 중립 보고서 이벤트 136건 이후, 우유 (Class III)은 5거래일 동안 중앙값 -0.1% 변동(상승 43%; 중간 50% 범위 -0.7%~+0.5%), 20거래일 동안 -0.3%.
각 품목 벤치마크의 이벤트 직전 종가 대비 변동. 과거 수치는 같은 유형의 과거 이벤트를 합산한 것으로, 일어난 일을 설명할 뿐 앞으로 일어날 일이 아닙니다. 투자 자문이 아닙니다.
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.
