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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年8月31日在过去 49 次看跌的宏观事件之后，牛奶(III类) 在 5 个交易日内中位数变动 -0.6%（33% 上涨；中间一半区间为 -8.5% 至 +0.6%），20 个交易日内为 -7.5%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件；仅描述已发生的情况，不代表未来走势。不构成投资建议。
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.
