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Dairy economists at the University of Wisconsin say the pandemic has turned dairy markets upside down. USDA reported February milk production up 1.7% year over year, and dairy exports have hit port bottlenecks.
Powder prices have fallen from a futures forecast of $1.25 to about $1 per pound, and May Class IV futures are down $5 per hundredweight since mid-January.
Weaker powder demand and rising milk output reduce dairy prices and pressure milk-based feed ingredients. Export bottlenecks limit the outlet for surplus U.S. milk powder.
capitalpress.comCAROL RYAN DUMASCapital Press25 de mar. de 2020Após 49 eventos baixista de macro passados, Leite (Classe III) subiu em mediana -0,6% em 5 sessões (33% de alta; metade central de -8,5% a +0,6%), e -7,5% em 20.
Variações do benchmark de cada commodity desde o último fechamento antes do evento. As leituras históricas agregam eventos passados do mesmo tipo; descrevem o que aconteceu, não o que vai acontecer. Não é recomendação de investimento.
Late-March coverage of pandemic demand disruption, with production up and export bottlenecks, set up the bearish supply/demand backdrop and weighed on dairy futures.
