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…
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…
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…
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.
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.
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.
USDA announced the February margin under the Dairy Margin Coverage Program this week at $9.44 per hundredweight, just six cents below the $9.50 threshold. The margin will result in a $0.06 per cwt. indemnity payment for those covered at the maximum level, or just under $50 on one million pounds of production history. The all-milk…
The latest USDA Cold Storage report shows cheese inventories up 1.7 percent from a year ago to 1.46 billion pounds in February 2024. American cheese stocks were up 2.9 percent from a year ago but down 7 percent from last month. Other type cheeses were up 1 percent from a year ago. Butter inventories were…
Total milk production in the US was down 1.4 percent year over year to 18.105 billion pounds in February, when adjusted for Leap Year. Cow numbers were down 89,000 head from a year ago to 9.33 million head, up 10,000 head from last month. Milk production per cow in the US fell 0.4 percent from…
Food prices are trending down, according to the latest Food Price Index (FFPI) levels reported by the Food and Agriculture Organization of the United Nations. The latest report shows the FFPI index falling 0.7 percent in February to 117.3 points, marking the eighth consecutive month of declines. The index peaked in March 2022 at 160.3…
