June 12, 2024: Dairy Week in Review

USDA’s latest Agricultural Supply and Demand Estimates report forecasts the US 2024-25 corn crop at 14.86 million bushels, with an average yield of 181 bushels per acre. The season average price of corn is expected to be about $4.40 per bushel, unchanged from last month’s report. USDA increased the soybean crop projections slightly, increasing ending…

June 5, 2024: Dairy Week in Review

USDA announced the May Class III milk price at $18.55 per hundredweight, up $3.50 from April and $2.24 above a year ago levels. The Class IV price was announced at $20.50 per cwt., up 39 cents from last month and $2.40 above year ago levels. Class III milk prices rebounded this past week, with June…

May 29, 2024: Dairy Week in Review

USDA’s Cold Storage Report shows butter stocks building. Butter inventories were at 361.3 million pounds as of April 30, up 44 million pounds from March to April, representing the largest March-to-April build up since 2020. Butter stocks have been growing at above-average levels in every month this year, with April stocks up 9 percent from…

May 22, 2024: Dairy Week in Review

Total milk production in the US was down again in April, falling 0.4 percent from a year ago to 19.135 billion pounds, the lowest US production level in April since 2020. On the positive side, though, production per cow was up 9 pounds to 2,049 pounds per cow. The number of milk cows in the…

May 15, 2024: Dairy Week in Review

USDA’s latest World Agricultural Supply and Demand Estimates report shows domestic supplies of both corn and soybeans increasing. Estimates are that the US will produce 14.86 billion bushels of corn this year, down 3.1 percent from last production season. However, with higher beginning stocks, the 2024-2025 corn supply is expected to increase 1.1 percent form…

May 8, 2024: Dairy Week in Review

Dairy exports continued their downward trend from 2023 in the first quarter of 2024. Total dairy exports declined year over year in March, with total dairy export volumes dropping 4.5 percent to 527 million pounds, while the value of those exports fell 9.2 percent to $740 million. The year-over-year decline in March came on the…

May 1, 2024: Dairy Week in Review

USDA’s Cold Storage Report, released last week, shows stocks of both butter and cheese increasing month over month. Butter stocks were up six percent from a month ago and 2 percent from a year ago to 316.63 million pounds. The increase in butter stocks is slightly higher than the five-year average build up for February…

April 24, 2024: Dairy Week in Review

USDA revised its US herd estimates for the first two months of the year in the latest Milk Production Report, showing the nation’s herd size increasing 19,000 head from January to February to 9.342 million head. However, the herd contracted again in March, dropping 7,000 head to 9.335 million head.

April 17, 2024: Dairy Week in Review

The dairy price index on the latest Global Dairy Trade was up 0.1 percent from the previous session to $3,590 per metric ton. The increase is driven primarily by a 1.7 percent increase in the anhydrous milk fat price and a 0.4 percent increase in the whole milk powder price.

April 10, 2024: Dairy Week in Review

USDA announce the March Class III milk price at $16.34 per hundredweight, up 26 cents from February but still $1.76 down from year-ago levels. In contrast, the March Class IV price was announced at $20.09 per cwt., up 24 cents from February and $1.71 above year ago levels.