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Demand uncertainty lingers from the advancing Delta variant of Covid-19 and indications from Open Table that U.S. restaurants are no longer showing growth in demand, with some significant slowing evident in states more heavily impacted by the current Covid-19 surge.
MANKATO — The percent of COVID-19 tests coming back positive reached its lowest point on record in south-central Minnesota this week, the latest sign of an improving pandemic picture in the region.
A combination of demand (high basis levels), cool temperatures in the United States (which will slow germination), stress on Brazil’s safrinha corn crop caused by a lack of moisture, and the willingness of money to flow into the market on the long side combined to punch prices to multi-year highs.
The USDA’s latest Livestock, Dairy, and Poultry Outlook, issued April 15, mirrored milk price and production projections in the April 9 WASDE.
The following marketing analysis is for the week ending April 9.
The U.S. Department of Agriculture raised its estimate on 2021 milk production in the latest World Agricultural Supply and Demand Estimates report issued April 9, based “primarily on increased cow numbers.”
The market was treading water waiting for the March 31 Prospective Planting and Grain Stocks reports. And boy, were they worth the wait!