June 30, 2020: Dairy Week In Review

USDA’s Cold Storage report shows total cheese stocks down 1.6 percent month-over-month to 1.45 billion pounds at the end of May. That counters historical trends for inventories to grow from April to May. Total cheese stocks were up 5 percent from a year ago, despite the 24-million-pound drawdown from April, the largest on record for…

June 24, 2020: Dairy Week In Review

Total milk production in the US fell 1 percent year-over-year to 18 billion pounds in May. Production per cow dropped 32 pounds per cow, while cow numbers were down 50,000 head from a year ago and 12,000 head from April. California’s milk production was down 1.5 percent, while Wisconsin fell 3.1 percent. Both Idaho and…

June 17, 2020: Dairy Week In Review

The dairy price index on the latest Global Dairy Trade auction was up 1.9 percent to $2,979 per metric ton. Skim milk powder, whole milk powder and Cheddar cheese prices were all up, increasing 3.1, 2.2 and 1.4 percent, respectively. The butter price fell 1.0 percent. Total milk production in the European Union was flat…

June 9, 2020: Dairy Week In Review

Spot cheese prices are up dramatically over the past four weeks, with the Cheddar block price closing on June 9 at $2.58 per pound. That is up $1.28 from a month ago. The increase in cheese  prices is driving up Class III milk futures prices, as well, with the June price closing at $20.56 per…

June 3, 2020: Dairy Week In Review

USDA’s Crop Progress report shows about 80 percent of Pennsylvania’s corn crop is in the ground, as of May 31. This is up from 1 percent from the five-year average and 8 percent ahead of last year. About 91 percent of the crop is in the good to excellent “crop condition” category. Nationally, 93 percent…

May 27, 2020: Dairy Week In Review

April milk production in the US was up 1.4 percent to 18.7 billion pounds, with 18 pounds more milk per cow and 49,000 more head. However, cow numbers did fall 4,000 head from March to April, after peaking at 9.385 million head. Milk production per cow also fell from March to April, on a daily…

May 20, 2020: Dairy Week In Review

After falling to 20-year lows in late April and early May, Class III and Class IV milk futures prices have been increasing on the CME, driven by increases in prices for butter and cheese. As of May 19, Class III prices for the next 12 months averaged $16.02 per cwt., up from an average of…

May 13, 2020: Dairy Week In Review

Recent IRI data showed retail sales of dairy products have increased since COVID-19 restrictions across the country were put into place. Fluid milk sales, which have been in a decades-long decline, were up 15 percent and 11 percent, respectively, year-over-year in March and April. Cheese, butter, and ice cream have also seen tremendous growth versus…

May 6, 2020: Dairy Week In Review

According to the latest USDA Cold Storage report, butter stocks were up 7.7 million pounds from Feb. 29 to 309.6 million pounds on March 31, the largest amount for March since 1993 and up 15 percent from a year ago. However, the month-to-month build was not as large as expected and less than what is…

April 29, 2020: Dairy Week In Review

According to the latest USDA Cold Storage report, butter stocks were up 7.7 million pounds from Feb. 29 to 309.6 million pounds on March 31, the largest amount for March since 1993 and up 15 percent from a year ago. However, the month-to-month build was not as large as expected and less than what is…