date:Jul 14, 2014
a Melbourne-based analyst at Rabobank International, said in a phone interview on July 9. There is a lot of milk that needs to be soaked up before we start to see any price increase.
Class III milk, used to make cheese, closed yesterday at $21.39 per 100 pounds on the Chicago Mercantile Exchange, down from a record $24.32 on April 24. Prices may drop to $19.91 by December, according to broker INTL FCStone Inc. CME futures already anticipate a drop, with the contract for January delivery trading