Milk futures shot higher last week with limit gains in Class III milk futures. AgResource Company President Dan Basse says support is not just coming from the COVID stimulus bill. “It’s also the world market. If you look at the prices of the dairy auction in New Zealand biweekly, they’ve been strengthening each week going to September. We’re hearing improvements in terms of dairy product trade and we’ll get that data in about five weeks. That with the possibility of government purchases has reignited a bullish flavor for dairy prices, even though milk production is record large.”
