Our August mass balance and charting meeting shed some light on where domestic trends are taking U.S. milk supply, as well as where market fundamentals believe pricing is headed into the end of the year.
We gained a lot of insight from Steve Spencer and Vuko Karov from Freshagenda, who took our trading team on a tour of their Dairy Trade Simulator (DTS). All parties were happy to hear that we share similar expectations for U.S. milk production, but there was some divergence when it came to U.S. cheese pricing and domestic consumption expectations moving forward.
To cap the meeting off, our own Jacob Menge sped through a series of charts that suggest that the historical correlations driving Class III pricing could be broken, brought on by the current global economic climate.
It was a jam-packed meeting. We’ve assembled this month’s episode of The Milk Check from the highlights.
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