Thursday, November 18, 2010
Milk Production & Belief
(click on image to enlarge)
Today, the USDA'S "Milk Production" report came out. According to USDA production in the 23 lead dairy states was up 3.3 percent in October 2010. Who knows. Certainly some expert will use the data to suggest that the drop in price at the CME is justified. Those who believe in this drivel also believe the market system regulates supply and demand through price. Wrong.
Note: The 2011 data is USDA's projections