In his weekly update issued on Apr. 1, Nate Donnay, Director of Dairy Market Insight at StoneX, reports
sometimes USDA data only makes sense in hindsight, sometimes it only makes sense after a few revisions and sometimes it never ends up making sense. The USDA gave the grain markets a surprise with far fewer acres expected to be planted than the industry was looking for.
His report continues. They also came out with a confusing Dairy Products report Thursday. The data would suggest very good cheese sales in Jan/Feb, and while there was some improvement in food service, the USDA data doesn’t make much sense unless the cheese was going into rebuilding pipelines. The product production isn’t making much sense against the milk production either. Either cheese production looks overstated, or milk production could be understated. Prices in the US were mostly higher this week while they were roughly steady in EU.
The report entitled Udder Intelligence is available at https://www.stonex.com/Commodities/Dairy/Capabilities/dairy-market-intelligence-packages/
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