COT Reports / Agricultural / DL

Class III Milk (DL): COT Report & Analysis DL

Track how "Smart Money" institutions are positioning themselves in Class III Milk (DL). By analyzing the latest Commitments of Traders (COT) data from the MILK, Class III - CHICAGO MERCANTILE EXCHANGE, with sector comparisons, we provide a deep dive into the current market dynamics. Understanding these underlying shifts allows you to better anticipate where the market might be heading next.

About Class III Milk (DL)

About Class III Milk

Class III Milk is a futures contract representing cow's milk used primarily for industrial processing. It is the most actively traded dairy derivative.

Primary Usage

Its main use is in the production of hard cheeses (such as cheddar), but it also serves as a pricing benchmark for other dairy products like dry whey and milk powder.

Market Dynamics & Key Drivers

  • Production Output: Prices are heavily influenced by milk yields, the total size of the dairy herd, and the nutritional quality of feed.
  • Government Policies: Dairy markets are often subject to complex pricing regulations, subsidies, and international trade agreements.
  • Global Demand: The global appetite for US dairy products, particularly cheese and whey protein, plays a significant role in US pricing.
Market Sentiment
Increasing Bearish
Outlook
Net Position
Net Position: Difference between long and short contracts of Non-Commercials (large speculators/funds). A positive value means they are predominantly net-long (expecting rising prices).
-9,847
▼ 11.1%
Market Situation
The market situation analyzes the current net positioning compared to the historical average of recent years (Z-Score). This helps to identify extreme market conditions.
Bearish

COT Charts

Positioning History

commercial and non-commercial positions
Date Position Net Position
Difference between Non-Commercial Long and Short
Non-Comm. Long
Speculators & funds betting on rising prices
Non-Comm. Short
Speculators & funds betting on falling prices
Comm. Long
Hedgers/producers hedging against rising prices
Comm. Short
Hedgers/producers hedging against falling prices
Jun 02, 2026 Bearish -9,847 2,912 12,759 25,245 11,749
May 26, 2026 Bearish -8,866 2,750 11,616 24,028 12,469
May 19, 2026 Bearish -7,537 2,525 10,062 22,801 12,240
May 12, 2026 Bearish -6,514 2,373 8,887 21,485 12,365
May 05, 2026 Bearish -5,522 2,439 7,961 20,439 12,502
Apr 28, 2026 Bearish -5,958 2,362 8,320 22,551 13,673
Apr 21, 2026 Bearish -6,171 2,486 8,657 22,256 13,506
Apr 14, 2026 Bearish -5,640 2,643 8,283 21,083 12,987
Apr 07, 2026 Bearish -5,097 2,935 8,032 20,007 12,721
Mar 31, 2026 Bearish -5,771 3,334 9,105 22,062 13,805
Mar 24, 2026 Bearish -5,719 3,656 9,375 22,044 13,875
Mar 17, 2026 Bearish -5,468 3,944 9,412 21,451 13,526
Mar 10, 2026 Bearish -5,513 3,953 9,466 21,065 13,258