At 1.48 billion pounds, cheese inventory was a record high for the month of August, according to the USDA Cold Storage report. This was 3.6 percent more than August 2021. July 2022 ending cheese stocks, at 1.52 billion pounds, were an all-time high. The drawdown of 38 billion pounds of inventory from the end of…
US total milk production was up 1.6 percent year-over-year to 18.2 billion pounds in August, marking the first significant increase in year-over-year production since October 2021. Cow numbers were still down 11,000 head from a year ago to 9.427 million head, up 8,000 head from July. Milk production per cow, however, jumped 34 pounds to…
USDA’s World Agricultural Supply and Demand Estimates report lowered forecasts for corn and soybean production. Soybean estimates were lowered by 152 million fewer bushels from August’s estimates, with declines in both harvested acreage and yield impacting the decline. Soybean yields are now projected at 50.5 bushels per acre, down 1.4 bushels from last month. Beginning…
Butter production fell to 152 million pounds in July, down 5.3 percent from June but up 3.1 percent from a year ago. Although it was up from a year ago, butter production is still low and pulling down inventories, which is driving up prices to all-time high levels. Spot butter climbed to $3.10 per pound…
The all-milk price for July was announced at $26.90 per cwt, according to the latest USDA Ag Prices report. That’s flat from June’s all-milk price and about 50 cents below May’s high. Feed prices though were higher in July, with corn and soybean prices both increasing from last month. Preliminary calculations have this month’s DMC…
Total milk production in the US was up just 0.2 percent in July, increasing to 19.1 billion pounds for the month. The increase was driven entirely by a 19 pound increase in production per cow, with the nation’s dairy herd averaging 2,033 pounds during the hottest month of the year. Cow numbers in the nation’s…
The latest USDA World Supply and Demand Estimates report reduced corn acres a slight 100,000 acres (-0.1%) to 89.8 million acres, while yield was adjusted down 1.6 bushels (bu) per acre, or 0.9 percent, compared to last month’s report to 175.4 acres. There were 3.6 million fewer acres planted in corn this year compared to…
Total cheese production was up 2.7 year over year to 1.16 billion pounds in June, down 2.3 percent from May. American type cheese was up 1 percent from a year ago, while Italian type cheeses were up 4.2 percent. Butter production was up 2.3 percent from a year ago to 161 million pounds, down 10.9…
USDA announced the July Class III milk price at $22.52 per hundredweight, down $1.81 from last month but $6.03 above year-ago levels. Class III milk prices peaked in May and continue to trend down for the rest of the year, with the Class III price on CME milk futures for the last five months of…
Total milk production in the US increased 0.17 percent year-over-year to 18.975 billion pounds in June, according to the latest USDA Milk Production report. This was the first year-over-year increase since October 2021 and was driven by a 1 percent gain in milk production per cow, up 20 pounds to 2,014, the largest gain in…
